Sure I can teach you lets start with Mixed Economy.
My name is SSJSH. I come to earth to learn more about your 4 types of Economies. can you teach me
this here is the U.S. We are considered a mixed economy because we leaves ownership of the means of production in mostly private hands
yes thats right. sometimes this can cause opportunity cost which can cause the loss of potential gain from other alternatives
So mixed economy is a private and and public enterprise?
here we have traditional economy. this business is a example of traditional economy because it is a way the owner and his family have made there money
yes which is why this business is a perfect example. this hair shop has been here sense the 90s and and it is a tradition to keep it open by passing it down each generation so they can keep making money
but isn't traditional economy customs, and beliefs help shape the goods and services the economy produces?