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module 3 supply and demand economic systems free market any situation that brings together buyers and sellers of goods and services types of economies in the modern world today there is a range of economic systems market economy an economy where economic decisions are decentralized resources are owned by private individuals and businesses supply goods and services based on demand along types of economies in the modern world today there is a range of economic systems competitive market a market in which there is a large number of buyers and sellers so that no one price can control the market free economy a market in which the government does not intervene in any way economic systems planned planned or command economies an economy where economic decisions are passed down from government authority and where resources are owned by the government resources and businesses are owned by the government government decides what goods and services will be produced and what prices will be charged f
