Types of economic systems

-Traditional Economies
-Centrally Planned (Command) Economy
-Market Economy
-Mixed Economy

These are the four types of economic systems each one varies from the next. Traditonal economies are economies that are found in rural, non developed countries, customs govern the econmoic decisions that are made, technology is not used in traditonal economies , men and women have differernt roles in this system. The peoples roles are passed down from there parents and grandparents.

The 2nd type of economic system is Centrally Planned (Command) Economy. It is is an economic system in which the state or goverment controls the factors of production and makes all decisions about their use and about the distribution of income. In such an economy, the planners decide what should be produced and direct enterprises to produce those goods.

The 3rd system is Market Economy. It is an economic system in which the production and distribution of goods and services takes place through the mechanism of free markets guided by a free price system rather than by the state in a planned economy.

The 4th is a mixed economy its an economy that has a mix of economic systems. It is usually defined as an economy that contains both private-owned and state-owned enterprises^[1] or that combines elements of capitalism and socialism, or a mix of market economy and command economy.^[2]
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