A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools.
A planned economy is an economic system in which the state or government controls the factors of production and makes all decisions about their use and about the distribution of income.
A market economy is an economic system in which the production and distribution of goods and services takes place through the mechanism of free markets guided by a free price system rather than by the state in a planned economy.
A mixed economy is an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned and state owned enterprises or that combines elements of capitalism and socialism, or a mix of market economy and command economy.
Communism is an ideology that seeks to establish a classless, stateless social organization, based upon common ownership of the means of production. Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to social control.
