Traditional Economy
Mixed Economy
Free Market Economy
Command Economy
Used by primitive societies; economic decisions based on tradition, what was done before.
Government-centered; all economic decisions made by the government. Government determines what is produced and who gets access to goods and services.
A mixture of different economic systems. In USA, mostly free market with some government involvement (command).
People are free to buy and sell as they please; economic decisions made by people, based on competition and supply and demand.
