Its crazy how the government do not even give us a chance to give ideas. This is not no improvement.
Command Economic System
Market Economic System
Feels great to do things on your own without having to worry about anybody telling you what to do.
Mixed Economic System.
So what are y'all ideas about these new goods. The government wants to know.
Working and eating with only family is the best!
Government controls everything basically, the prices, resources and services of goods. Cuba and north Korea are closely associated with this economic type. An advantage of the Command Economic System is that the employment rate will be a lot higher because the government will then look for employers to get the work done.A disadvantage of the Command Economic system is the lack of entrepreneurship in this case.
Traditional Economic System
Market Economic System gives a lot of economic freedom to individuals and also encourages competition. The United states is highly associated with Market Economy. An advantage of this economic system is that it limits the role of government. A disadvantage is monopolies and also owning a large business all by your self.
Mixed economic System is the mixture of both command and market. The United Kingdom is very correlated with this economic system. An advantage is the involvement of both the government and people which encourages a lot of creativity and ideas. A disadvantage can be an unequal share between the government and the people.
traditional economic system is based on customs and traditions, hunting, farming and gathering. A country that is most associated with this economic system is Mali in west Africa. An advantage is that families make their own share. a disadvantage is that those families do not make any type of money from this because they are providing for themselves.