Prepayment definition: A prepayment is a payment that you make before you receive goods or services, or before a... | Meaning, pronunciation, translations and examples
A traditional economy is an economic system where decisions are  based on customs, beliefs, or religion within a social community.  People work together to produce goods to â¦ meet their needs, and  share with family. They trade with their community/family with  their excess.
A mixed economy is an economic system that has some combination of traditional, command, and market economies; or is a modified free enterprise economy. Mixed economies exist because the world is NOT neat and orderly. Often mixed economies form when one type of economy comes into contact with other cultures and they borrow ideas. Major events such as revolutions and economic depressions may cause economic systems to change, and sometimes a mixed economy is the result of an economy simply changing over time.