Compare and contrast the four types of economic systems. Write 3-5 sentences.(4 points)
The four types of economic systems are traditional, command, market, and mixed economies.
Traditional economies are based on customs, traditions, and beliefs, with economic activities determined by historical practices. Command economies are centrally planned, where the government controls all aspects of production, distribution, and consumption. Market economies are driven by supply and demand, with private individuals and businesses making economic decisions. Mixed economies combine elements of both market and command economies, with a mix of private and government control. These systems differ in terms of resource allocation, decision-making processes, and the role of the government in the economy.