And we only provide for our families, ethnic groups, and village mates.
Traditional economies are decided on family traditions and ancestors' jobs. Traditional economies can show up villages in South America, Africa, Inuit tribes, and Aboriginies.
We will be farming, hunting, and gathering based on our forefathers' ways!
In command economies, all the decisions are made by the government. The government also decides the recources made and the quotas set.
Harvest 20 bushels of wheat, and then give 40 percent of the property to me!
Examples of this economies occur in Cuba, North Korea, and the Former Soviet Union.
Lemonade! 1 dollar!
Market economies are businesses that are privately owned. The government has little intervention in the decisions made by the citizens. There is competition between the businesses owned by individuals.
Economies like this show up in countries like Hong Kong, Singapore, New Zealand, and Switzerland.