I need a very simple example of how Capitalism Is used by the United States of America, how Communism is used by North Korea, and how Socialism is used by England. Feel free to use these definitions within your answer. :) Planned Economy (Communism, and Socialism)- Economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions. Market Economy (Capitalism)- Economy in which individuals control production and allocation decisions through supply and demand. Mixed Market Economy (Socialism)- Economic system featuring characteristics of both planned and market economies.