Traditional Economy

Free Market

Command Economy

Mixed Economy

Characteristics- Traditional economy is more family oriented since its when things are done the same ways it has always been, like a cycle followed by every generation, often ways are farming, hunting, etc

Advantages- efficient production and allocation of resources, as well as improvement of social welfare

Disadvantages- high taxes, inefficient planning, tough to maintain, public monopolies

Disadvantages- its not the way to go grow or find new/better ways to do things since its all already set up.
-does not use all the available resources like technology.
-people have no control over their roles or environment.

Characteristics: It safeguards private property, permits prices to be determined by the free market, motivated by the self-interest of people. enables the government to protect both the people and the market.

Advantages- Little to no competition due to it being more of a teamwork.
-everyone has their role and place.

Characteristics