List the four types of economy based on the way scarce resources are distributed in society.

Four Types of Economies:

1. Traditional Economy:
   In a traditional economy, scarce resources are allocated based on customs, traditions, and historical practices. Economic activities, production methods, and resource distribution are passed down through generations. This type of economy is often found in agrarian or subsistence-based societies, where the focus is on maintaining established practices rather than pursuing innovation.

2. Command Economy (Planned Economy):
   In a command economy, also known as a planned economy, the government or a central authority makes key economic decisions. The state determines what goods and services are produced, how they are produced, and how resources are allocated. This system aims to achieve specific societal goals but may face challenges in responding to changing consumer preferences and market demands.

3. Market Economy:
   In a market economy, also called a free-market or capitalist economy, scarce resources are allocated based on supply and demand in the open market. Prices, production, and resource distribution are determined by individual choices and interactions within a competitive marketplace. This system emphasizes private ownership, profit motives, and decentralized decision-making.

4. Mixed Economy:
   A mixed economy combines elements of both market and command economies. In a mixed economy, the government and the market play roles in resource allocation. While private individuals and businesses operate in the market, the government intervenes to address issues of public interest, regulate industries, and provide essential services. Many modern economies, including that of the United States, are considered mixed economies, striving to balance individual freedoms with collective well-being.