Traditional Economy

Advantages

• People know it.
• You know what is expected and there are no changes.

Disadvantages

• Not everyone has a lot of inhertiance.
• -When one stops gaining the producer stops.

Examples of Economy

• India
• Vietnam
• Pakista

Command Economy

Advantages

• Employment for everyone.
• Free housing and health care.
• More Equality
• Free education

Disadvantages

• Does not meet needs of the consumer.

Examples of Economy

• North Korea
• Cuba
• Lubos

Examples of Economy

• North Korea
• Cuba
• Chine
• Soviet Union
• Iran

Market Economy Characteristics

Advantages

• Innovation
• Free to obtain resources.
• Self Motivation
• Competion drives down prices
• Free choice
• Right to own property
• Right to own resources.

Disadvantages

• Not everyone can live a decent life
• Not so equal.
• Unfair circumstances.

Examples of Economy

• United States of America