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There are Market, Command (AKA Planned), And Mixed. In a Market Economy (Capitalism) Governments play a minor role. Command Economy (Often associated with Socialism and Communism) All major decisions are made by the government. Mixed Economy (Can be argued that it is the American System) Draws elements of both Market and Command to varying degrees.
Market-no gov regulations
Traditional-in undeveloped countries, your job determined by tradition
Command-Socialist, Communist, you know.
Mixed-Market with some gov regulations, practiced in the US
There are 4 types of economic systems. First, traditional, based on a barter economy. Production, exchange and distribution are based on customs and traditions. Second, free market economy. Third, command economy. Fourth, mixed economy. It's described by a combination of elements of pure capitalism and command economy (private and public enterprise).
In a beginning course in economics, which I've taught by the way, students would that economics is broken into to two main areas. One is called 𝘮𝘪𝘤𝘳𝘰𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘴 and the other is called 𝘮𝘢𝘤𝘳𝘰𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤𝘴. Basically, one looks at the smaller picture while the other looks at the larger picture.
micro economics and macro economics.
micro economics-deals with the analysis of small unit of the ecomomy.
macro economics -deals of economy as whole
The four types of economies traditional economy, market economy, command economy, and a mixed economy.
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