Traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based.
A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods are offered for sale. It also determines investments and incomes. The command economy is a key feature of any communist society.
The definition of a market economy is one in which price and production is controlled by buyers and sellers freely conducting business. An example of a market economy is the United States economy where the investment and production decisions are based on supply and demand.
The government also gets involved with minimum wage policies. Private and government-owned entities must follow these rules.' Example 2: France. 'France is also considered a mixed economy. The economic system is a mix of both command and market economies.