ECONOMY TYPES:Describe each. Provide a real world example. 18) Traditional 19) Command 20) Market 21) Mixed

## Step 1<br />The question asks for descriptions and real-world examples of four types of economies: Traditional, Command, Market, and Mixed.<br /><br />## Step 2<br />### Traditional Economy<br />A traditional economy is an economic system in which traditions, customs, and beliefs shape the goods and services the economy produces. Countries that use this type of economic system are often rural and farm-based.<br /><br />## Step 3<br />### Command Economy<br />A command economy is characterized by a central authority making all the decisions about what to produce, how to produce it, and who will get the final product. This type of economy is also known as a planned economy.<br /><br />## Step 4<br />### Market Economy<br />A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. Market economies are driven by supply and demand with little or no government intervention.<br /><br />## Step 5<br />### Mixed Economy<br />A mixed economy is a system that combines aspects of both capitalism and socialism. It includes both private economic freedom and centralized economic planning, often involving government regulation of business.<br /><br />## Step 6<br />Real-world examples of these economies include:<br /><br />- Traditional: Countries like Bhutan and some African nations rely heavily on agriculture and have economies based on tradition and customs.<br />- Command: The former Soviet Union is a classic example of a command economy, where the government controlled all aspects of economic production.<br />- Market: The United States is often cited as a prime example of a market economy, where the majority of economic decisions are made by individuals and businesses.<br />- Mixed: Most modern economies are mixed economies to some degree, but the Nordic countries like Sweden and Norway are often cited as examples of mixed economies with strong government involvement in economic planning and regulation.