An economic system is a framework that a society uses to address basic economic questions regarding the production, distribution, and consumption of goods and services. The main types of economic systems, based on resource ownership, include traditional, capitalist, command, and mixed economies. Traditional economies rely on customs and barter, primarily supporting family or tribal units with a minimal surplus. Capitalist economies, characterized by private ownership and minimal government intervention, prioritize profit and competition, often leading to income inequality. Command economies, or socialist economies, feature state ownership and centralized planning, aiming for income equality and societal goals. Mixed economies blend elements of capitalism and socialism, combining private and public ownership with government oversight to promote both economic growth and equality.