Welcome to my privately owned street store, what can I get you?
You.. have.. all.. earned.. 50.. dollars.
Ahhh, always loved the fresh smell of my own farm and self sufficiency out in yonder.
Market Economies offer laissez-faire and encourages competition. Goods and services are determined by supply and demand. It is easily accessible to consumers, however, monopolies can take too much power. Similar to America during the 1800's and their competitive businesses.
Command Economies are government controlled, where the government distributes economic resources. The system can be beneficial since it guarantees no unemployment, but it isn't made to meet the wants of the consumers. North Korea currently has a command economic system.
Traditional Economies are survival based systems which are involved with hunting, farming, trade, customs and beliefs. In this system, there is less environmental waste produced, but it puts society at a standstill. This system can be often found in African countries.
Mixed Economies combine market and command-like characteristics into one system. The government and consumers determine production in this system, and there are still mostly private decisions made. The system however can be unequal and there is an imbalanced poverty risk.