I want to buy your company for $850 million dollars, what do you say?
This economic system is based on customs and tradition. To get goods and services people make their own, share or trade. It causes little damage to the environment, but can take a bit too long.
The government controls the production, prices, resources of goods and services. It does not meet the consumers wants or need. The government controls the income.
Offers economic freedom to individuals, encourages competition and limits the role of government (Laissez Faire= HANDS OFF!) . Goods, services, and prices are determined by supply and demand. Downside to this is the monopolies.
This economic system is a mixture of market and command economic system. It had characteristics of capitalism and socialism. Production are determined by consumers and the government.