Market Economy: A market economy is an economic system where most resources are owned by individuals or private businesses rather than the government. The allocation of goods and services is determined by supply and demand in free markets.
Command Economy: A command economy is an economic system where all major decisions regarding production, distribution, and pricing are controlled by a central authority or government.
Regulation: Regulation refers to rules or laws established by governments to guide or control certain aspects of economic activities. These regulations can be aimed at protecting consumers, ensuring fair competition, or promoting public welfare.