Compare the different economics systems by filling out the matrix of comparison provided below:

ECONOMIC SYSTEM TRADITIONAL COMMAND MARKET MIXED

In this government
controls the mode of
It is owned by a private Private citizens are permitted
production. They are the
ownership of resources and it in a mixed economy to own
It is owned by the family, one who decides the
OWNERSHIP OF RESOURCES exchanges the contracts and regulate some (if not
group or tribes. means of production and
through means of production most) of the productive
it owns the industries
and voluntarily. resources.
which produce public
goods and services.

Strategic decision exists in

economies. The economy of
The decisions are based the market is focused on Both market forces and
on the individuals and private industry. The mode of government choices in a
The decision making
DECISION MAKER(S) OR tribes that make the production belongs to a mixed economy evaluate
process are centered in
PROCESS decisions. Also, it is more private individuals or groups which products and services
the government.
on the customs, religious that run a business. Also, are generated and how they
beliefs and traditions. provide or supply the good are transmitted.
and services based on
demand.
ROLE OF GOVERNMENT The government The role of the government is The government's main role
controls relevant facets to regulate to prevent from and responsibilities in the
of economic aggrieved people. And has a mixed economy include the
development and the little decision-making. maintenance of the legal and
economic production. social framework, the
 provision of public goods and
services, the upkeep of
competition, the reallocation
of income and the
preservation of the
economy.  The second is the
provision of goods and
services to the public.
The resources are distributed
in a free market environment
through the interaction of
In a conventional Mixed economies can also
Governments will the economic forces that are free
economy, people's have a separate public
one who allocates the and self- directed. It
supply and demand are sector, where government
ALLOCATION OF RESOURCES resources on a specific guarantees that whether to
allocated by custom and personnel, such as security,
place both distribution produce is decided by buyers,
culture, provided and police, and fire services are
of goods and services. how to produce is determined
required. primarily distributed.
by suppliers, and who gets the
goods depends on the buying
power of customers.
Usually, mixed markets
preserve private property.
They usually allow supply and
demand - not governments
It has the economic Its incentives are low of
or arbitrary price structures -
stability. Everyone inequalities and
to decide markets in a free
INCENTIVES knows the role what unemployment rate. It
market manner. Mixed
they play in a traditional has the free education,
economies allow the
economy. healthcare and etc.
economy, because of its
nature, to be guided by
private self-interest and
incentives.