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Graded! Types of Economic Systems Amayalis, Kalayah, Amy - Coggle Diagram
Graded! Types of Economic Systems Amayalis, Kalayah, Amy
Traditional 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
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.
Advantages- Little to no competition due to it being more of a teamwork.
-everyone has their role and place.
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Free Market
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Advantages
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enables the interplay between supply, demand, and prices.
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Command Economy
Advantages
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Disadvantages
-there is no enough resources, it stops you from innovating and have personal freedom, not easily fluctuating
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low or non-existent unemployment, speed in decision-making, equality amongst citizens, and a focus on the worker
Mixed Economy
Advantages- efficient production and allocation of resources, as well as improvement of social welfare
Disadvantages- high taxes, inefficient planning, tough to maintain, public monopolies
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.
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