The Four Economic Systems

By csterling1
  • Dec 1, 1300

    Traditional

    The 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

    Market

    No truly free market exists. Governemnt still regulates trade, business, and monopolies. Separation between market and government keeps the government from becoming too powerful.

  • Mixed

    Advantages: 1) somewhat free of government ownership.
    Disadvantages: 1) Can lead to economic downfall; 2) can become less flexible overtime.

  • Command

    Advantages: 1) Able to create a healthy supply of its own resources; 2) Usually affordable prices.
    Disadvantages: 1) Government regulates cost and valuable resources.