Or is market economy based on free trade and competition?
A market economy is where goods and services are sold according to the laws of supply and demand and there is little if any government intervention.it is therefore based on competition in the selling and buying of goods and services and since there is no government intervention there is free trade as well.
A traditional economy is n old type of economy which is usually subsistence which means that there is little left over to trade.The definition of a traditional economy is "The definition of a traditional economy is :" An economic system in which economic decisions are made based on customs, beliefs, religion and habits: Thus no mention of free trade and competition.
Well, given that I would say you need to define your terms, it should be clear that there is a definition of "traditional economy" and "market economy" in your reading packet and certainly on the web.
Awaiting my 10 points.
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