Please summarize me economic system all in form 3 to in English

An economic system is a way that a society organizes the production, distribution, and consumption of goods and services to meet the needs and wants of its people. It answers three basic questions: What to produce? How to produce it? And for whom to produce it?

There are several main types of economic systems. A traditional economy relies on customs, traditions, and beliefs to make economic decisions, often found in rural, agricultural societies. A command economy, also known as a planned economy, has the government making all major economic decisions, controlling resources and production.

In contrast, a market economy (or free market economy) allows individuals and private businesses to make most economic decisions based on supply and demand, with minimal government intervention. Most countries today operate under a mixed economy, which combines elements of both market and command systems, allowing for private enterprise alongside some government regulation and provision of public services.