Types of Economic Systems

• A traditional economy is based on certain customs of a given society. Traditional economies are usually agriculturally centered, and a person's position in a traditional economy is usually determined by his family situation. A command economy is an economy that is enforced and regulated by a strong central government. Command economies are usually industrially centered, with little attention given to the nuances of individual production. A market economy is an economy that revolves around the demands of buyers and sellers. Market economies have a large scope of production, dictated by the demands of the market. A mixed economy is a combination of market and command economies, where the workings of the market are closely tied to the government.
  
  

Asia

• Asian economies are mostly mixed economies, tending toward market economies. Certain countries (China and the USSR) in Asia formerly had command economies but now have mixed economies that lean toward market economies. In particular, China is recognized as a market economy by many other countries, but its official worldwide status is somewhat in question. Some small, underdeveloped regions in Asia still practice traditional economies, but these regions lie within countries that have a nontraditional economic system. In addition, North Korea practices a command economy, and Iran's economy has many centrally planned aspects.
  
  

Africa

• Economies in Africa are largely mixed economies. Some, like Egypt and Libya, are closely tied to command economy principles. Many, however, have transitioned with the spread of global capitalism. Despite this, some traditional economies still flourish in undeveloped pockets of the continent.
  
  

Europe

• European economies are mixed. Governments in European countries do have some role in economic policy making. Many countries have ideals that lean more toward market economies than command economies, but they remain mixed; governments in Europe are more economically involved than the United States, for example.
  
  

North America

• North America is home to a number of different economies. The United States, while sometimes seen as a market economy, is still a mixed economy due to the government's role in economic policy. Cuba is one of the few nations in the world practicing a command economy, though it does have some ties to market economy principles. Lastly, traditional economies can still be found in North America. For example, the Inuit people, while residing in Canada, have a traditional economic system.
  
  

South America

• South America, like most of the modern world, is composed mostly of mixed economies. In undeveloped parts of the Amazon, traditional economies can still be found. However, the economies of the recognized countries of South America are seen as mixed, and many of them ideologically lean toward market economy principles.
  
  

Australia

• Australia's economy is mixed, with market-based principles. The Aboriginal people of Australia have many aspects of a traditional economy, though they are also sometimes enmeshed in the mixed economy of the country.
  
  

Antarctica

• Antarctica has no permanent residents. While some economic activity does center around fishing and tourism, this is under the jurisdiction of other countries.