A traditional and market economy are different types of economies that are defined by the methods applied by the members of the society. Traditional economies are largely underdeveloped economies that are characterized by the use of primitive equipment and crude methods. A market economy is more defined and developed.
Transitional Economy relies on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.A market economy, economic decisions are made by individuals and are based on exchange, or trade.
