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(Graded!)Types of Economic Systems :champagne:, compare and contrast…

- - - - While there are several advantages to a traditional economy, these economies are not without their disadvantages. Because these economies rely on hunting, fishing, gathering, and the land in the form of farming, when the weather changes, the economy becomes jeopardized. Also, if they are not able to find animals to hunt or fish to catch, people can starve because they don't have the goods needed to survive.
- - - - no legislative control over employment, production or pricing
        
        Supply and demand drives production
        
        All goods and services are produced in the private sector
        
        the use of resources and sets prices.
- - - - The government creates a central economic plan.
      - The government allocates all resources according to the central plan
      - The central plan sets the priorities for the production of all goods and services
      - The government owns monopoly businesses.
    - - low levels of inequality and unemployment
      - Industrial power is boosted
        
        Monopolizing is not allowed
        
        Production rates and availability of completed goods are adjusted
        
        The society and government are streamlined
        
        There is room for the better mobilization of resources
    - - Societal needs might be ignored
      - Freedom is restricted
      - Innovative developments might be hindered
      - No competition is offered
      - Black markets would explode
      - There might emerge some export problems
      - Unbalanced amounts of goods would be experienced
- - - - Disadvanatges
        
        High Taxes.
        
        Tendency to lean towards Government control.
        
        Less toward individual freedoms.
        
        There is more emphasis on profit at the expense of the welfare of the citizens.
        
        Does not eliminate the possibility of monopolies
        
        Advantages
        
        distributes goods and services to where they need to be.
        
        promotes control equality.
        
        improves production efficiency
        
        Employment opportunities are more readily available
        
        minimizes the role that the state plays in the economy
      - Charecteristics
        
        Economic Freedom
        
        Voluntary Exchange
        
        Private property rights.
        
        Profit motive
        
        Competition.