Market Economy: A market economy is an economic system where resources are owned by individuals or private companies, and prices are determined by supply and demand in free markets.
Command Economy: A command economy is an economic system where resources are controlled by the government, which makes decisions on what goods to produce, how much to produce, and how to distribute them.
Mixed Economy: A mixed economy is an economic system that combines elements of both market and command economies. It allows for private ownership while also having some government involvement in regulating certain industries or providing public goods.