"A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale"
North Korea is known for its Command Economy
Mixed
Pros, Cons, and pictures
Pro
Social Welfare priority
Con
Less innovation
"A mixed economy is variously defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism."
France is a country that is considered to be a mixed economy
Pros, Cons, and pictures
Pro
equal distribution of control
Con
higher taxes
Traditional
"A traditional economy is one in which the traditions, customs, and beliefs shape the goods and the services that the economy produces, as well as the manners and rules of their production"
The Saami tribe still uses a traditional form of economy
Market
Pros, Cons, and pictures
"A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system."