Question

Describe each type of economic system

Answer 1

There are 4 Types Of Economic Systems
1. traditional
2.command
3.market
4. mixed
A traditional economic system is the best place to start because it is, quite literally, the most traditional and ancient type of economy in the world. 

Command economic system is the next step up from a traditional economy. This by no means indicates that it is fairer or an exact improvement; there are many things fundamentally wrong with a command economy.

A market economy is very similar to a free market. The government does not control vital resources, valuable goods or any other major segment of the economy. 

A mixed economic system (also known as a Dual Economy) is just like it sounds (a combination of economic systems), but it primarily refers to a mixture of a market and command economy (for obvious reasons, a traditional economy does not typically mix well).