Different Economies

Different Economies

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  • Traditional economy
  • Mixed Economy 
  • Command economy
  • A traditional economy is a system that relies on customs, history, and time-honored beliefs.Countries such as Africa use this system  -Advantage Individual trade, -Disadvantages Society has limited supply. 
  • Market Economy 
  • an economic system combining private and public enterprise. Countries with this system is iceland and france - Advantages combination of command and market - disadvantages can be unequal poverty
  • A command economy in which production, investment, prices, and incomes are determined centrally by a government. advantages include low levels of inequality and unemployment and the common good replacing profit as the primary incentive of production. Command economy disadvantages include lack of competition and lack of efficiency. places with this economy is cuba, north korea
  • Market economy the economic decisions and the pricing of goods and service are guided by individual citizens and the businesses an advantage is that they make more money a disadvantage is more competitions places that have a market economy is china
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