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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 th

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.

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