Market economy is when resources are owned and controlled by the people
Um Ms. James? What is Market economy?
Its when the government owns all the resources.
President? Since you know alot, can you explain to me what Command economy is?
Grandpa, what is Traditional Economy?
An example of Market economy is the United States of America. A strength of this economy is Competition leads to efficiency because businesses that have fewer costs are more competitive and make more money. A weakness is a disparity in wealth and mobility. It's easier for the rich to become richer than it is for the poor to become richer
Hey! You wanna know what a Mixed economy is? I'll tell you!
An example of Command economy is money. A strength of this economy is command economy government can set wages and job openings. A weakness is that there is a lack of competition and efficiency.
An example of traditional economy is farming. A strength of this that you can keep everything natural. A weakness would be that it isolates people and their resources.
It is when me and grandma produce our own goods
An example of mixed economy is the U.S. A strength of this that it allows the federal government to safeguard its people and its market. A weakness is if the market has too much freedom, it can leave the less competitive members of society without any government support.
A Mixed economy is a mix between Command and Market economy.