Describe the three main types of economic systems

What will be an ideal response?

A country's economic system consists of the structure and processes that it uses to allocate its resources and conduct its commercial activities. Every economy displays a tendency toward individualist or collectivist economic values. If national economies are arranged on a horizontal scale that is anchored by two extremes, at one end of the scale is a theoretical pure centrally planned economy, at the other end is a theoretical pure market economy, and in between is a mixed economy.
A centrally planned economy is a system in which a nation's land, factories, and other economic resources are owned by the government. The government makes nearly all economy-related decisions–including who produces what and the prices of products, labor, and capital. Central planning agencies specify production goals for factories and other production units, and they even decide prices. The ultimate goal of central planning is to achieve a wide range of political, social, and economic objectives by taking complete control over the production and distribution of a nation's resources.
A mixed economy is a system in which land, factories, and other economic resources are rather equally split between private and government ownershi