Major difference between planned economy and mixed economy?

Answer 1

There is no commonality at all between a traditional economic system and a planned economic system other than the basic components of an economic systems (e.g. there are goods and services that are bought and sold).

A traditional economy has no centralized or efficient means of production. People produce things locally, using handiwork and personal skill to make products. These products are usually unique and have a low-level distribution. Because of the small amount of products made in a traditional economy, most people lack a significant number of necessities. Traditional economies prevailed in pre-medieval societies, such as ancient Egypt or Tribal Africa and Papua New Guinea.

A planned economy is regulated by a central body that coordinates production across the country. This means of production is industrialized and relatively efficient in production speed. Because production is centralized and controlled by the government, production is incommensurate with market demand. As a result, there are often surpluses and deficits of products and services in a planned economy. Additionally, the national-level coordination of production often leads to regional redistribution and many more links in the distribution chain. Finally, the national coordination typically leads to minimal innovation and distinctiveness between products.

Answer 2

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