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I'm driving my car home.
I'm taking the bus.
Adam Smith created the free market economic system. In a free market economic system profit, competition, consumer choice, and privet property is good. The consumer decides what is produced and countries that use this system are the U.K. and U.S. during the industrial Revolution.
The mixed economy was created in Britain after WWII. Profit, competition, consumer sovereignty. consumer choice, and privet property are limited. Hospitals and public transportation are run by the government and the countries that use this system are Britain, France, Germany, and the U.S.
Karl Marx created the command economy. In this system there is no profit, competition, consumer sovereignty, consumer choice, or privet property. The government controls everything and everyone is equal. Countries that use this system are North Korea, USSR, Cuba, and China.
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