Briefly describe the types of economic systems. What is the United States Week 1 Discussi

Briefly describe the types of economic systems. What is the United States  Week 1 Discussion 2  Briefly describe the types of economic systems. What is the United States€™ economic system and what are the characteristics of this economy?  Traditional economy is that is which customs, beliefs, and tradition are rich in developing the goods and services for the location.  A traditional economy is built around the way a society lives and the goods and services are built around the way the society lives.  Communities and families grow crops and farm using traditional methods and the consume what they grow.  Command economy is where the government has command over the financial management of the country.  The word command means to give orders, so the government gives orders regarding the financial aspect of the country.  The government is in control of the pricing of goods and services and makes financial decision for the country.  Market Economy is where resources are owned and controlled by individuals and are allocated by transactions that are governed by the interaction of supply and demand.  So, this means people exchange resources for other resources for example, the exchange of money for goods or services and this is done on a voluntary basis.  Mixed economy is a mix of private companies and government entities that all have control of owning, making, selling, and exchanging goods in the country.  The private companies and government entities coexist in the production of goods in the country.   United States€™ economic system are the mixed economy