Free market, mixed, command economy

• Capitalist economy is an economic system which uses market-determined prices to guide our choices about production and distribution of goods.
• Command economy is an economics system where most factor resources are allocated by the government with few officially sanctioned private markets
• Consumer Sovereignty exists when an economic system allows scarce resources to be allocated to producing goods and services that reflect the wishes of consumers
• Economic planning are government policies aimed at influencing trends in the economy
• Economic system is a network of organisations used to resolve the problem of what, how much, how and for whom to produce
• Free market is a system of buying and selling that is not under the control of the government and where people can buy and sell freely
• Friedrich Hayek is an 18th century economist who believed that the market is the best way to allocate resources.
• Karl Marx wrote the communist manifesto whigh asserted that all human history has been based on class struggles
• Mixed economy is where resources are partly allocated by the market and partly by the government
• Planned economy is where there are decisions about what to produce and for whom are decided by central planners working for the government rather than allocated the price mechanism
• Transition economies are involved in a process of moving from a centrally planned economy to a mixed or a free market economy