Economic Systems

Economic Systems

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  • Command Economy
  • Traditional Economy
  • Market Economy
  • Advantages: 99.9% equality (citizens). Capable of dramatic change in a short time
  • Disadvantages: does not meet the wants and needs of consumers.  NO incentives for working.
  • Advantages: Incentives Stable, predictable, and continous life
  • Disadvantages: Not total equality. Lower standard of living.
  • Advantages: freedom for everyone. lack of government involvement.
  • Disadvantages: too young, too old, and too sick to work.  doesn´t produce enough public goods. (Ex: defense, education, and health care)
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