Economies

Economies

• Good agriculture
• Does not have to face unemployemen
• Everything is routinely done.

Disadvantages of Traditional Economy

• There is a very fast growing population.
• High defense
• Not everyone has inheritance.

Examples of Economy

• Pakistan
• India
• Vietnam

Lifestyle

• My life in a traditional economy would be boring.
• I would have to start providing for my family at a young age.
• work hard

Advantages of Command Economy

• Employment for almost everyone.
• Free education
• Healthcare provided
• Equality

Disadvantages of Command Economy

• Lack innovation
• Private property is sometimes taken.
• Government owns all property and resources.
• Consumers have no control.

Examples of Economy

• Cuba
• North Korea
• China
• Russia

Lifestyle

• Hard to get ahead in life.
• No promises of accomplishments.
• Government controls what you would do

Advantages of Market Economy

• Self-Motivated
• Free Enterprise
• Variety of goods and services.
• You can buy things that you want.

Disadvantages of Market Economy

• Rewards are not equal and always fair.
• People can easily become selfish.
• Unemployment and Homelessness rate is higher.
• Uncertainty

Examples of Economy

• US
• Japan
• Canada
• Western Europe
• Israel

Lifestyle

• Would own private property.
• Would feel free.
• Go to school\.