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- This type of economy is based on traditions, history, and long - held ideas.
- Economic descisions such as manufacture and supply are guided by tradition
- A Traditional Economy depends on things such as farming, fishing, and hunting.

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-> There is hardly any tension between the members
-> Everyone knows what they're supposed to do and how they can help others.
-> This type of economy is much more sustainable than any that constantly depends on technology.
-> They only produce and take what they need, so there is never any waste or inefficiencies involved in the production of goods and services.
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- Some examples of a Traditional Economy include :
* Africa
* Asia
* Latin America
* The Middle East

The image demonstrated below lists some more facts and example(s) of Traditional Economies.

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- A command economy is an economy in which the government owns all of the resources, controls prices, and tells enterprises what and how much to manufacture - all in the name of maximizing the welfare of the population.
- The government determines what is made, how it's made, and how and where it is distributed.
- The government also regulates people's incomes.
- The fundemental purpose of the government is not to create profit, instead it strives to provide free or discounted education, shelter, and medicalcare to its inhabitants.

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-> There is less inequality
-> There are low unemployment levels
->  A government-run economy As a result, the government can tailor products and services to serve the general public without concern for profit or loss.
-> Can quickly and dramatically change if needed by shifting resources.
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- Some Examples of a Command Economy include :
* Cuba
* North Korea

The Image shows some characteristics of a Command Economy

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- In this economy individuals own and control most resources, which are distributed through elective market transactions driven by stock and demand.
- The production and prices are decided by market forces instead of a central authority.

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-> Since businesses with lower expenses are more competitive and profitable, competition leads to efficiency.
-> Innovation is promoted since it gives you a competitive advantage and boosts your chances of making money.
-> Businesses are attempting to make themselves stand out in the market by offering a wide range of services.
-> Action inside the economy is constantly encouraged because money is necessary in life and needed to join in economic activity to earn money.
-> Individual freedom of choice is attainable to the extent that the market gives possibilities for job, company development, and the purchase of products and services (As long as it's in your budget).
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- Some examples of a market economy include :
* The United States
* England
* Japan

In the image below, advantages of a market economy are demonstarted in a way that shows it's members freedom.