A traditional economy is based upon agricultuture and hunting for supplies and food. In this economy there is less waste and promotes individual trade while preserving traditions . However, the process takes more time and can be unpredictable because they dont control outside influences. For example a country like North Korea is considered traditional because they use only things accessible to them to produce goods
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A market economy is a system in which the decisions regarding investment production and distribution are created by forces of supply and demand. Market economy is easily accessible to consumers. However, it bring in monopolies and companies may produce goods that are in demand without regulation can be harmful to society. One of the worlds strongest market economy is China.
A command economy , the government is controlled and there is no private restrictiction. A command economy is very limited. Since communist governments control the economy the goods and services are generally cheaper and everyone has access to job. It does not allow business monopolies. However it does not allow any financial freedom and tends to dictates the people. For example Cuba runs on a communist economy
A mixed economy involves both a command and market.It has some government influences but mostly private or personal decions made. It has a little bit of both economic systems. However it can be unequal and cause for poverty. For example the United States has a mixed economy where government interferes only in certain aspects.