Question

Name and define the four economic systems.

Answer 1

Answer:

traditional economies: a system that relies on customs, history, and time-​honored beliefs.

command economies:an economy in which production, investment, prices, and incomes are determined centrally by a government.

mixed economies:a system that combines aspects of both capitalism and socialism.

market economies: an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.

Explanation: