Identification should include

market economy (e.g., free enterprise), in which private enterprise drives the economy, as found in societies with democratic forms of government with individuals controlling the economy
command economy (e.g., communism, socialism), in which resources are owned and controlled by the government
mixed economy, in which government-operated and/or government-regulated enterprises are combined with individually owned enterprises
traditional economy (i.e., custom-based), in which goods are produced the way they have always been produced.

Process/Skill Questions:

What contrasts exist between market and command economies?
Why is an economy never purely traditional, purely market, or purely command?
Why are most economies "mixed"?
What role do profit motive and competition play in the free enterprise system? What is their effect on business?
What economic freedoms does a U.S. citizen have?
How does each economy answer the three basic economic questions?
How might small business opportunities differ in each of the major economic systems?
What type of economy exists in the United States?
How might one's life be different under another type of economic system?
How do small businesses contribute to the U.S. economy?