Traditional

- type of economic system where all the decisions regarding the methods of
production and distribution are done with accordance to the past decisions and
traditions. In this economic system, the methods of production and distribution are
done in a way because since ancient times they are done that way. The priority of
this type of system is not economic stability but preservation of religion and
tradition.

Capitalism (Market Economy)

- type of economic system where private sectors own the industries and facilities
that provide goods and services. In this type of economic system, the private
sectors compete in the market on how they will provide the goods and services to
the consumers. The price and quality of goods and services are the outmost
competition in this type of economic system. The distribution of the goods and
services are also up to how the private owners are going to do it.

Communism (Command Economy)

- type of economic system where the government owns the majority of the
properties that provides goods and services. The government also creates a central
plan about the execution of the production and distribution of goods and services.
This plan is to serve and distribute the goods and services to the public equally.

Socialism (Mixed Economy)

- type of economic system where both the government and private sectors own the
properties of production. It is called mixed economy because the methods of
production and distribution are collection of strategies ruled on other economic
system like capitalism and communism. In this economic system, the private
sectors own the specific basic industries that provide goods and services while the
government own the key industries that facilitates the whole country.