Types of economic systems

Traditional Economy:
Well, in this form of economy, many trade skills are passed down from parents to children. For example, if my parents we're goldsmith, I often would follow steps in the same trade. It seems to be popular in a lot of countries that aren't very developed, but it stll seems to work for them.

Centrally Planned Economy:
Within this kind of economy, the government chooses what kind of goods each person gets, and what goods each person receives. Communism follows this economy.

Market Economy:
This market is the one that the U.S. uses, but it also seems to be the most practical. It is driven simply by consumer need, and the will to succeed. For example; if I want to open a business I can, but if it's an uncommon business that I open, it may not succeed.

Mixed Economy:
A mixed economy is what in actuality what all governments have. It's a fusion of all different kinds of economy in which everyone can open shop, work for the government, or follow in their parents footsteps. This also happens to be my favorite form.

Well the difference between socialism and communism is that in socialism the people have a say in what they want to government companies to produce, but in communism, the government chooses everything.