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An economy based on customs, traditions, and barter.

Key Characteristics: Subsistence farming, hunting, trading goods/services, little technology.

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Government makes all economic decisions.

Key Characteristics: No private property, prices set by government, focus on equality, limited consumer choice.

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Decisions made by individuals and businesses based on supply & demand

Key Characteristics: Private property, competition, profit motive, consumer choice.

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A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production.

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Bhutan, parts of Africa (such as the Maasai in Kenya), 

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Bhutan, parts of Africa (such as the Maasai in Kenya), 

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Blend of market freedom with some government involvement.

Key Characteristics: Businesses compete, but government regulates safety, environment, healthcare, etc.

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Image of healthcare, schools, or government regulation (like food safety).

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Image of healthcare, schools, or government regulation (like food safety).