Types of Economic Systems

Traditional Economies: Traditional Economy is the system that involves resources that are accquired through inheiritance, and also has strong social networking.
Centrally Planned [Command] Economy: The economy system that involves the state or government controlling the factors of production and the decisions made about their use and distribution of income.
Market Economy: Market Economy is the economy system in which the elements controlled by the state or government in a Command Economy are determined by the use of free markets and guided by the Free Price System. The production in this case is determined by the businesses and consumers.
Mixed Economy: Mixed Economy is an interesting economy system. This is simply because it takes "the best of both worlds" and combines them by adding elements from both systems into one.