Market, command & Mixed economy
Market Economy
An economy where decisions of investment, production, and distribution are taken by the market itself, and prices of goods and services are determined in a free price systems.
PROS: Freedom, variety of goods and services, few government interference.
COMMAND Economy
An economy where the government decides which goods should be produced, how much should be produced and the price at which it would be sold. For a communist society.
PROS: Health and public services are free for everyone.