Concerning a 4-track recorder or 8-track recorder, etc... i was wondering for example do you record guitar to one track, bass to another and so forth and then adjust the volumes to mix the sound. i was going to buy a small recoding studio but wasnt sure if this was basically how it worked? hope someone can help? Thanks!

But i recommend a computer studio. Like Cubase and a mixer, because you'll have more control over the sound and unlimited tracks
Cubase is pretty nice actually, and just get yourself a 4 track mixer.

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you can record intrsuments seperate or a live audio then you will need a few mic's to get all the instruments