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  • Hey Liam, I have a project  on the different types of economies can you help explain them to me?
  • Sure! There are 4 different types of economic systems: Command, Market, Mixed, and Traditional.
  • I also have to answer the 3 economic questions.
  • The 3 economic questions are: What goods are produced? How are they produced? And who consumes them? 
  • Can you explain them each to me?
  • Okay lets start with Command economy. This is where the government owns and controls a nations resources. In this type of economy  the government answers the 3 economic questions.
  • Another economic system is mixed economy. This is where individuals own and control resources. In this the individuals answer the 3 economic questions.
  • A Mixed economy combines elements of Command and Market economies. In this both government and individuals answer the 3 economic questions.
  • The last economic system is a traditional economy. This is where decision and the 3 economic questions are answered by tradition and custom. 
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