Dec 1, 1300
TraditionalThe most ancient type of economy in the world.
Advantages: 1) Traditions and customs preserved 2) These societies are often socially satisfied.
Disadvantages: 1) Do not enjoy Western medicine, centralized utilities, or technology.
Dec 1, 1500
MarketNo truly free market exists. Governemnt still regulates trade, business, and monopolies. Separation between market and government keeps the government from becoming too powerful.
MixedAdvantages: 1) somewhat free of government ownership.
Disadvantages: 1) Can lead to economic downfall; 2) can become less flexible overtime.
CommandAdvantages: 1) Able to create a healthy supply of its own resources; 2) Usually affordable prices.
Disadvantages: 1) Government regulates cost and valuable resources.