Economic system — a set of interrelated economic elements forming certain integrity, economic structure of society; the unity of the relations regarding the production, distribution, exchange and consumption of economic goods. Traditional Economics is based on the traditions transmitted from generation to generation. These traditions determine which goods and services to produce, for whom and how. The list of benefits, technology of production and distribution are based on the customs of the country. The economic role of members of the company are determined by heredity and caste affiliation. This type of economy is preserved today in some underdeveloped countries where technological progress penetrates with great difficulty, as it usually undermines the established in these countries customs and traditions. Characteristic features of the economies of the traditional types: 1)Weak development of equipment and production technologies; 2)Large proportion of manual labor in all sectors of the economy; 3) a Minor role in the traditional economy of enterprise, including small and constant when increasing the scale of operations of large units; 4)the Predominance in all aspects of social life traditions and customs. The market economy is characterized by private ownership of resources and use of markets and prices to coordinate economic activity and management. What, how and for whom to produce determines the market through the mechanism of supply and demand. In a capitalist system, material resources are privately owned. The right to enter into binding legal contracts, enables individuals at its discretion to dispose of its material resources. The main features of a market economy: 1)Private property; 2)Freedom of entrepreneurial choice; 3)Competition;4)Reliance on the market system;5)the Limited role
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