What are the types of economic systems?

Economists
generally recognize three distinct types of economic system.  These are 1) command economies; 2)
market economies and 3) traditional economies.  Each of these kinds of economies answers the
three basic economic questions (What to produce, how to produce it, for whom to produce it) in
different ways.

In a command economy, the government decides the answers to
the three basic questions.  It decides what will be made, how they will be made, and who will
get them.  Recently, pure command economies have usually been communist countries.  Good
examples today would be North Korea and...