Command Economy- Empty Grocery Store, North Korea
Market Economy- San Francisco, United States of America
Mixed Economy-Agra District in Uttar Pradesh, India
In North Korea almost everything that is in the governments radar is under their control. The government controls businesses, investments , production. There isn't really any entrepreneurship because your job is predetermined by the government. This is likely because North Korea is a Total Monarchy. The people have no say in what goes on inside the economy. No one on the outside really knows either.
Traditional Economy-African Tribe, South Africa
San Francisco has a market economy along with the rest of the U.S. . The government(having very little) and the people have power in the economy. The people are allowed to own businesses with their own prices. The government makes sure businesses cannot form a trust or monopoly. The government also implements taxes on the peoples products.
Profit and Competition
India has a mixed economy. The people and the Government have similar amounts of power. The government is allowed to intervene in businesses if too much power belongs to them. The government collects taxes and puts tariffs on exports. The people are allowed to create and own businesses which are not controlled by the government.
Freedom of Choice and Private Property
In many 3rd world countries there are traditional economies. This tribe here is in Southern Africa and along with many other tribes it is a traditional economy. Traditional economies are formed around one group of people. You hunt and farm for food and this is what the economy is based off of. Traditional economies are never based in urban cities. Traditional economies are most always rural. Our ancestors all were parts of a traditional economy at one point. Traditional is the oldest form of economy still around.
Each hobbit makes product off of what they are selling in the village. They have a product and set the price higher than what it costs them to make. So they are then making a profit off of their product. Competition could arise when a group of hobbits eave the shire and go build up a new village that has more crops and better farms. This is good for the consumers because competition has just been formed. So now if one of the two farms wants to succeed they have to up the quality of the crops and lower the price.
Take the shire for example. The hobbits live in a traditional economy. The shire is a rural village that farms. The hobbits have their own currency and each different hobbit does their own thing.
Freedom of Choice and Private property are really on legal in mixed and market economies. Freedom of choice is where you can express your rights in the country you live in without obstructing others. This is beneficial because in order to make either one of those economies then you need to be able to express your rights. Private property goes along with your rights. The property is yours and the government does not own or control it but you pay taxes to help build your community. This is beneficial because people don't feel welcome if they aren't allowed to live without complete government supervision.