Answer:
Traditional Economy: The oldest type of an economy found around the world is a traditional economy, which is based upon a people's belief and customs. In these self-sustaining economies, communities and families grow crops and manage their farms using traditional methods. What they produce is what they get to consume.
Command Economy: Instead of an economy based on tradition, a command system is based on goals passed down from a central ruler or ruling class. In a command economy, the ruling class or government makes all of the economic decisions, such as what goods and services will be produced, how much they should be sold for, and how much workers will be paid for producing them. Modern day examples can be found in many Communist countries, like North Korea and the former Soviet Union.
Market Economy: Whereas a command economy is based around a central body, a market economy is a system where pricing decisions are decentralized. When we call something a market, we're talking about anything that brings buyers and sellers together. For instance, e-commerce is a type of market where people are able to use the Internet to buy and sell goods.
Mixed Economy: While our own economic system in the United States may seem to fit the definition of a market economy, ours is actually more of a mixture of market and command economies. We call these combined systems mixed economies, which account for most of the economic systems that exist in the world.