Name and define the four economic systems.

Traditional economic system. A traditional economic system is the oldest and most traditional type of economic system in the world. A huge part of the world follows this economic system.

Command economic system. Command economic system is more advanced than the traditional economic system. This economic system is directed by a single centralized power such as government, which controls all activities of this type of economic system.

Market economic system. A market economy is completely opposite of command economy and it is similar to the free market economy. In the market economic system, the government does not control the major segment of the economy such as vital resources and valuable goods and services.

Mixed economic system. A mixed economy is a combination of market and command economies. It is also called a dual economic system because of the amalgamation of two economies.

Explanation:

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: