Question

How do a traditional economy, a market economy,
a command economy, and a mixed economy differ?

Answer 1

Traditional economy relies on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.

A market economy, economic decisions are made by individuals and are based on exchange, or trade.

A command economies, because a central authority is in command of the economy.

Mixed economies market-based economic systems in which government plays a limited role.