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Economic systems (Traditional ((cons: suffer from lack of resources.…
Economic systems
Traditional
system that focuses mostly on goods and services that are directly related to beliefs , customs , and traditions.
cons: suffer from lack of resources. usually not able to generate the same amount of output or surplus that other types of economies can produce.
pros: primitive processes are often much more sustainable and low output results in much less waste than in any other economic system .
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Command
characterized by a dominant centralized power (government) that controls a large part of all economic activity .
pros: can work well in theory as long as the government uses its power in the best interest of society.
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Mixed
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pros: less government control, good competition
cons: people don't like taxing, it's a balancing act.
Sweden , Russia, United kingdom, France