Types of Economic Systems

Traditional Economies
Traditional Economies are found in rural and no develop countries like Africa, Asia, South Africa, and the Middle East. Technology is not used for traditional economies, the economic activities are mostly towards family or a specific ethnic group.
Centrally Planned (Command) Economy
An economy that is planned and controlled by a central administration, as in the former Soviet Union.
Market Economy
Also known as a free market economy. It is an economic system that produces and distributed of their goods and their services. It occurs threw mechanism of free markets it's a free system.
The customers decide what they will produces and buy instead of the government planning it.
Mixed Economy
A mixed economy is an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned and state-owned enterprises.

What is the difference between communism and socialism?

Communism is the idea that society should not have classes and socialism is the idea that the working class produces the profits, the wealth, the cars, houses, planes, steel, should take over and run things collectively, democratically, for the benefit of the nation.