Types Of Economic Systems

Traditional Econmic System is kind of like a private stock where only the family members can buy,sell, or trade stocks. This kind of stocks are mostly found in Asia, South Amarica, and Africa. Its mostly people with farms.
Centrally Planned (Command) Economy is mostly in a communist country, Where people cant buy or sell stocks on their own, the government has the power to buy and sell stocks. People cant start a small buisness and start selling stocks. Everything has to be decided by the Government.
Market Economy is most likely to be in a Deomocracy government. Where you get to decide what you want to do with your money and how you want to spend it or use it. In a Market Economy you take the risk of your money and you do what you think is the best way to make money out of the money you have.
Mixed Economy is where people have private stocks public stocks and a command Economy. Almost every country nowdays have mixed economy.
The difference between Communism and Socialism is that in a Socialist society the consumers get to make the decision for their stocks, and in a Communist society the Government gets to decide what to do with the stocks even if you own it. In a communist society you can have both Public and Private ownership of the market, and in a Socialist society you can have only private ownership of the market.