The Inuit tribe has a traditional economy, meaning that the customs and habits shapes the economic activities. Their customs and habits have shaped them to fish, hunt, and make ancient tools in order to get the essentials to survive.
Singapore has a market economy, meaning that businesses are privately owned and the productions and prices are dependent on supply and demand. Singapore has a open and a corruption free environment.
Economic Systems Part 2
North Korea has a command economy, meaning that the government owns the direct means of production. North Korea's government has control of every aspect of the nation's economy, including wages and prices.
Russia is a mixed economy, meaning that it governments regulates enterprise through decisions that effect the marketplace. Russia is a mix of free market and command economies.