Key Takeaways
- The capitalist economic model relies on free market conditions for the creation of wealth; the production of goods and services is based on supply and demand in the general market.
- In a socialist economic model, the production of goods and services is either partially or fully regulated by the government; this is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
- Most countries are mixed economies, falling somewhere on the spectrum between pure capitalism and pure socialism.
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