1. TRADITIONAL: Based on culture and rituals.

• Custom-based decisions: Economic choices follow traditions.

• Barter system: Relies on trade, not money.

• Rural focus: Common in rural or tribal communities.

• Limited growth: Focuses on basic needs, not expansion.

2. COMMAND: Relies on government to make all

economic decisions.

• State control: Government controls production and prices.

• Central planning: Economy follows government-set plans.

• Equal distribution: Resources are distributed by the state.

• Low innovation: Lack of competition stifles innovation.

3. MARKET: Consumer choices determine how

industries and financial markets operate.

• Supply and demand: Prices and production driven by market forces.

• Private ownership: Individuals own most resources.

• Competition: Companies compete, boosting innovation.

• Minimal government: Little government interference.

4. MIXED: Limited government involvement while

also applying free market concepts.

• Government regulation: Certain sectors are regulated.

• Free enterprise: Most industries operate freely.

• The private sector operates under free market principles, where supply and demand determine prices, production, and distribution, although government intervention can occur when necessary.

• Individuals and companies can own private property and assets,