We all participate in different economies because of where we live
Mr. President can we produce and sell these?
We live in the USA and follow the Mixed Economy
All four of the economies that they follow are all different . They use Command, Market, Mixed, and Traditional.
The people working here control the economy
In command economy, the government has final say and major control over all economic decisions and what can be done.
We create the traditional economies
In places like the USA, Russia, China, and many more they follow a mixed economy. They basically can do whatever they want unless the government doesn't approve or it isn't regulated.
Freedom of Choice
You can't sell that!
Yes I can!
In a market economy, it is the people of the country and the businesses that control the economy, and how the economy works.
In a traditional economy, the people follow what the people have been following since very old times. Things might have slightly changed but they are still very based on the past occurrences in the economy.
With freedom of choice people can choose what they want to do. They can choose what they want to sell, how they sell it, and where they sell it.