What is the economic system that exist in the world in terms of ownership control and allocation of resources?

Question

What are the objectives of each of the economy system i.e capitalist, socialist and mixed economy and countries that fall into the different economy system.

Answer 1

What you have posted in your question does not really narrow it down. There are a variety of economic systems that have ownership control and allocation of resources.

Capitalism is a private ownership where allocation of resources is allowed by the free market. Those willing to pay the most for resources get them.

Command economies generally have public, or governmental, ownership of industries. Allocation of resources is determined by the government, not by the free market. The individuals that the government decides to give resources to get them, regardless of whether someone else is willing to pay more. Generally, black markets spring out of command economies.

Mixed economy is a mixture between these two. Most things are privately owned, but there are some industries that are owned publicly (i.e. Postal System in the US). Resources are generally allowed to be traded freely, although there are some controls on resource allocation, such as rent controls, subsidies, etc.

Hope this answers your question.

Answer 2

Capitalism answers the fundamental economic questions: (What will be produced? How will it be produced? Who will consume it?) By leaving it to individuals to decide.