Market, planned, and mixed are three basic types of economic systems. A market system is a process where many actors are decision makers in the economy and both bid and ask, which helps bidders and sellers make deals. A planned economy is where decisions are made regarding production and investment are embodied in a plan formulated by a central authority, usually the authority being public like a government agency.
I don't think anyone will answer this but just devote one paragraph to talking about how supply and demand dictate prices, and another paragraph to how international trade fuels economic growth.
