Command economy

Mixed Economy :

Characteristics 1. Government makes all economic decisions 2. All production and distribution is controlled by the government

Advantages: 1.speed in decision making 2.low to none employment

disadvantages: 1. inefficiency 2. Lack of Competition Inhibits Innovation

Characteristics
1-It safeguards private property
2-It permits prices to be determined by the free market and the principles of supply and demand
3-It is motivated by the self-interest of people
4-It enables the government to protect both the people and the market.

traditional economy

Characteristics: 1. private property 2. freedom

Advantages

1. limited government interference
2. degree of equality

Disadvantages: 1. higher taxation 2.corrupt and kickbacks

Characteristics 1. Choices are determined by the government 2. Farming, gathering, and hunting are done as the generation before

advantages.

1. Individual roles are clearly defined
   
   2. no goods are wasted
   3. little friction among member because there is no competition

Advantages
-There are both public and private sectors
-Leads to economic growth
-Freedom of choice
-Provide employment, good education, and health care