Each society must decide how to allocate its scarce resources. Four types of economic systems have developed confront this problem, though most economies today are mixed. Complete the exercises in each section below. DEFINITIONS OF ECONOMIC SYSTEMS Define each economic system using your own words. Then, list 1 example of a society that follows each system. Traditional Economy Command Economy Market Economy Mixed Economy 1) Definition: 3) Definition: 5) Definition: 7) Definition: 2) Example: 4) Example: 6) Example: 8) Example: CHARACTERISTICS OF ECONON CVCTEAC