There are several types of economies, each defined by how goods and services are produced and distributed. The main types include traditional economies, which rely on customs and traditions; command economies, where the government makes all economic decisions; and market economies, where supply and demand dictate production and pricing. Additionally, some economies are mixed, combining elements of both market and command systems. In a mixed economy, the government may regulate certain industries while allowing free market principles to operate in others. This blend aims to balance efficiency with social welfare.