1.Capitalistic/ Market Economy:Capitalism is an economic system based on private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system, and competitive markets.
2. Socialistic/command Economy:Socialism is a type of command economic system. The state owns and controls most of the factors of production, including land and capital goods. The state also engages in central planning. Production of goods and services, as well as their prices and distribution, are centrally controlled by the state.
3.Mixed Economy: A mixed economy is defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or markets and economic interventionism.
