There are basically three kinds of economic systems in the world. In actual practice, however, most of the major economies of the world are mixed economies in the sense that they have some characteristics of both command and market economies. Traditional economies are found primarily in the rural, nonindustrial areas of the world. The economies of China and Cuba are predominantly command economies. The economies of the United States, Canada, Japan, and many of the countries of Western Europe an predominantly market economies.
Mixed economies vary greatly in their private-public sector mix.
In China, most ot the economic activity is in the public mix. In the United States, most of the ec onomic activity is in the private sector.