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Answer:
A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. It doesn't rely on the laws of supply and demand that operate in a market economy. A command economy also ignores the customs that guide a traditional economy.
A market economy is an economy in which supply and demand drive economic decisions, such as the production of goods and services, investments, pricing, and distribution. A market economy promotes free competition among market participants.
A traditional economic system is based on customs, history and time-honored beliefs. A 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 rule and manner of their distribution.
A mixed economy is an economy organized with some free market elements and some socialistic elements, which lies on a continuum somewhere between pure capitalism and pure socialism. ... Mixed economies socialize select industries that are deemed essential or that produce public goods.
Explanation:
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