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North Korea

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Cuba

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Soviet-Union

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There might emerge some export problems depending where.

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Black markets would explode. The government put's restrictions on many products, so people would be buying those products from the black market.

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No competition is offered

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Freedom is restricted

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Efficiency is also compromised when the government acts as a monolith,

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lack of competition and lack of efficiency.

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free market economy,

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determines who works where and for how much they pay

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low levels of inequality and unemployment,

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Japan

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England

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United States

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A planned economy is a type of economic system where investment, production and the location of capital goods takes place according to economy's wide economic plans and their production plans.

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The government owns monopoly businesses.

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The central plan sets the priorities for the production of all goods and services

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The government allocates all resources according to the central plan

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The government creates a central economic plan

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poor lack of purchasing

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society reflects the values of the winners in the market economy such as a man buys a private jet while there is thousands of people starving

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If a product is released and is not being consumed

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Advanced Companies risk unemployment because of new technology

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public goods are not produced

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Abuse of market power

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the most successful businesses invest in other top-notch companies, which leads to better quality of goods.

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goods and services are produced in the most efficient way possible. The most productive company will earn more than less productive ones.

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consumer sovereignty

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quick respond to changes in customer demand

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free market, all resources are owned by individuals, and the decisions are made by those individuals with governing bodies.

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increased efficiency, productivity, and innovation

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This picture is  a really expensive shoe called yeezy, worth 500$!! This shoe is really expensive because its almost like a bitcoin (cheaper though), a company releases it once, for a retail price of 150$ people try to buy these shoes retail price which is really hard because that company only makes a certain amount of quantity. If you are lucky enough to get a pair, if you wait a week since it dropped the price would keep on going up. Some shoes have even a price tag of 100,000 dollars such as a the nike mag back to the future.

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enough money to make profit

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satisfaction from the buyer

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least cost to make

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if consumers are willing to buy

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price of that merchandise

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how to produce it

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who and how many people can purchase it

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what to produce

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an economic system in which economic decisions and the pricing of goods and services are made by the interactions of a country's individual citizens and private businesses.

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It is characterized by private ownership, freedom of choice, self-interest, optimized buying and selling platforms, competition, and limited government intervention.

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Nike is a private company which they use the Market economy

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functions under the supply and demand.

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Indigenous tribes Arctic Traditional Economy

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Haiti Traditional Economy

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America Traditional economy

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Indigenous tribes in Arctic, Eastern Russian

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Haiti

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America

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There are high levels of competition in traditional economies

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People starve if a harvest or hunting is poor

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Traditional economies can be devastated by natural events

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Only produce and take what they need, so there is no waste involved in producing the goods required to survive as a community.

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produce no industrial pollution and the way they live is environment clean.

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Everyone knows what role to play

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makes people’s farming, hunting or fishing more profitable

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This picture describes two men bringing an animal back, after they finished hunting.

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This picture describes a man farming

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this economy starts to evolve once they start farming and settle down.

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produce only/enough for what they need.

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This economy usually exists in a hunter-gather or farming society.