in a traditional or subsistence economy producers are self sufficient producing enough to survive rather than aiming to make a profit
market economyin a market economy the sorceress are owned privet and all decisions are made by the owners of resources actin in their own self interest
most economics today combine elements of both market and planned economy private markets are very efficient at allocating resources for most goods and services but governments also play an importunate role in providing for money social goods and services such as health and education, law and order
an economy in which resources are owned collectively and decisions are made by a planning authority. the majority of productive resources are owned by the state. in these economy the emphasis may not be on producing goods and services consumers want but may be directed to areas the government sees.