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There are five traits to a command economy:
1. government creates economic plan
2. government locates and decides resources
3. economic plan sets the expectations
4. monopoly style; government owns businesses
5. government also create rules/laws or regulations to enforce the economic plan

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There are six traits to a market economy:
1. private property
2. limited government
3. freedom of choice (to produce and consume)
4. has the motive of self-interest
5. competition (usually between other producers)
6. built on the system of markets and prices

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The United States uses a market economy to run things.

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Belarus, a country in Europe, uses a command economy.

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There are five traits to traditional economies:
1. centered around a family or tribe.
2. Nomadic society; hunter/gatherer lifestyle.
3. Trade; relies on barter.
4. Based on producing only what's necessary.
5. evolving to form a type of currency (for trade).

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Example: a place with a Traditional Economy

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Example: a place with a Traditional Economy

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The Maasai tribe of East Africa use a traditional economy to live.

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- An economy where the government owns all resources, and controls all businesses, prices, etc.

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- An economy that doesn't work under the "profit motive," unlike the market and command economy.

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- An economy where a majority of resources are owned and controlled by the people.