Traditional Economy: Economic decisions based on customs and tradition, Little to no specialization of labor, Resources allocated based on the needs of the community, Barter system is common, Market Economy: Economic decisions are made by individuals and businesses, Prices are determined by supply and demand, Private property rights are protected, Limited government intervention, Command Economy: Economic decisions are made by the government, Little to no private property rights, Little to no competition, Limited consumer choice, Mixed Economy: Economic decisions are made by both the government AND individuals, Although the government makes some economic choices, private property IS protected, Government regulates certain industries and provides public goods and services, Some level of government intervention to address market failures and promote social welfare,

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