Economic system.

Economic system.

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  • Command Economy 
  • Traditional Economy 
  • Market Economy 
  • In this form of economy, the government has the most power and controls pricing and the amount of resources available out in the market. The strength of this government is can create a healthy supply of its own and can protect its valuable resources when its power is used for the interest of society. Its weakness is that it could create unrest among the general population and its less flexible. 
  • Mixed Economy
  • In a traditional Economy, its mainly based on agriculture,the people make what they need. Some advantages of this economic system is that there's less waste compared to other systems of economy. Some strength is that people are self sufficient . Some weaknesses is that it's not capable of producing the same amount of output or surplus that other types of economies can produce
  • Market economy is supposed to take the strength of all economies into one. its a theoretical concept so there's no real example of a pure Market economy. Its weaknesses is that it causes a poor distribution of wealth for society as a wealth. Its strength is that allows economy to experience of highest amount of growth. 
  • A mixed economy id a combination of both command and market economic systems. It allows for government programs. Some weakness is that government tend to increase their power more than necessary and its less flexible with government control. A strength is that it allows for the growth of businesses and individuals. 
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