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A free market, according to economists, is one in which voluntary buyers and sellers trade goods.

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Because a major amount of resources are held by individuals or enterprises in the private sector rather than by a central government agency, free economies flourish.

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Consumers' sole direct option, on the other hand, is among the previously manufactured items.

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In such a system, deciding how much of the total product should be utilized for investment rather than consumption becomes a political choice decided at the national level.

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One disadvantage of a Traditional economy is that many people spend their whole lives in poverty.

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Native Americans picking crops and taking them back themselves

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The traditions of Burkina Faso

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Africa has one of the hugest traditional economic systems

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A traditional economy is also referred to as a subsistence economy

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The traditional economy system is the best for environments

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A man washing crops with his hands instead of a machine

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A man using a bull for farming

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Because of their ways traditional economy systems produce no industrial pollution, and keep their living environment clean

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Traits Of Traditional Economy

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Traditional economies can normally be negatively affected by other economy types that use large amounts of natural resources

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Most of the traditional economies have evolved into a mixed type that incorporates elements from capitalism, socialism, or communism.

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This economy relies on farming, hunting, and fishing.

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Bulls walking in Africa

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A system that relies on customs, history, and time-honored beliefs.

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This particular system is often used in places like Africa, Asia, Latin America, and the Middle East.

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Can manipulate large amounts of resources for large projects without lawsuits

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Doesn't rely on the laws of supply and demand that operate in a market economy.

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Cuba Flag- One of the main countries that use command economy.

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The people in command economy systems have way less freedoms than those in free market

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(supposed) social equality are essential features of a command economy.

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Overall more permissions and abilities than Command Economy

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Cuba, North Korea, and the former Soviet Union are main examples of countries that use the command economy system

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Government/ Dictator is in control of nearly everything in this system

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Command Economy Characteristics

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Entrepreneurs are able to make profit

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Hey Arnold worker telling Helga "Free Market Economics".

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The people have the freedom to make economic choices and decisions

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People in this systems can spend their resources however they choose

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Government isn't to much involved, mainly only to  protect markets and make sure everyone has equal access

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How countries feel about free market economy

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The prices are determined by supply and demand

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Natural Freedom/right to buy, sell and own private property

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Traditional Economy- system where the economy is based on the traditional customs of the country

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Command Economy- system in which assets are decided and controlled by dictatorship/government

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Free Market Economy-economic system in which most economic decisions can be decided by a country's citizens.