Types of Economies
There are four different types of economies. They are: The Traditional Economy, the Command Economy, the Pure Market Economy, and the Mixed Economy.
Most economies today are Mixed.
Traditional
This type of economy is based on customs and traditions.
Command
This type of economy is when government officials make economic plans for the country.
Pure Market
In this type of economy, government plays absolutely no role at all in making economic decisions.
Mixed
These economies can include elements from traditional, command, and/or pure market economies.