Traditional economic systems are based on customs, traditions, and beliefs that have been passed down through generations. They focus on subsistence farming and bartering, with little emphasis on technology or innovation. Market economic systems are driven by supply and demand, with consumers and producers making decisions based on prices in a free market. Command economic systems are centrally planned by the government, with all economic decisions controlled by a central authority. Mixed economic systems combine elements of both market and command economies, with some government intervention in the market to address issues of inequality and inefficiency.
