Types of Economies

Blake Hodge and Colton Green

4 Types

Traditional, command, market, and mixed.

Traditional

The most traditional and ancient type of economy in the world.

Command

The most notable feature of a command economy is that a large part of the economic system is controlled by a centralized power. This is a federal government.

Market

The advantage to capitalism is you can have an explosive economy that is very well controlled and relatively safe.

Mixed

It primarily refers to a mixture of a market and command economy. For obvious reasons, a traditional economy does not typically mix well.