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This image shows the characteristics of a traditional economy.

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This image shows the characteristics of a traditional economy.

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this image shows gathering which is a part of a traditional economy. 

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this image shows gathering which is a part of a traditional economy. 

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As traditional economies usually evolve after time, they have surplus that they us for trade. The group usually makes a form of money.

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There is rarely surplus in a traditional economy because they only produce what they need.

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There is  no need for trade in a traditional economy because they all consume and produce the same goods.

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Traditional economies are usually centered around a family or tribe. They often use traditions gained from elder's experiences that influence day-to-day life and economic decisions.

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This image shows hunting, which is a part of a traditional economy. 

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This image shows hunting, which is a part of a traditional economy. 

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This image shows what markets would look like in a traditional economy.

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This image shows what markets would look like in a traditional economy.

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This image shows fishing which is another part of a traditional economy.

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This image shows fishing which is another part of a traditional economy.

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Economists and anthropologists expect remaining traditional economies to become market, command, or mixed economies over time.

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Traditional economies mostly operate in emerging markets and developing countries.

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Traditional economies depend on agriculture, fishing, hunting, gathering, or a combination of them.

This image shows agriculture, which is a part of a traditional economy.

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A traditional economy is when the economy relies on customs, history, and time-honored beliefs.

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People may engage in illegal activities to get another source of income since the government controls almost every financial aspect of their life.

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The government may not understand what the people want and may make too much or too little of a product. This leads to shortage or wastage.

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Since the government decides your salary and the job you do, they can take away your right to do non-government work.

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This image explains what the government does in a command economy. 

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This image explains what the government does in a command economy. 

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In a command economy, the government can make products and services to benefit the common good without worrying about profit.

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In a command economy, the government can create jobs to lower unemployment rate.

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The government controls who works where and their salary. Therefore causing people to have fair salaries.

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This image shows how the government controls the economy in a command economy. 

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This image shows how the government controls the economy in a command economy. 

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A command economy is when the governments controls what is produced, how it is produced, and how it is distributed.

This image explains how a command economy works.

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The United States of America has a market economy. 

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The United States of America has a market economy. 

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This image shows the characteristics of a market economy. 

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This image shows the characteristics of a market economy. 

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Caretakers of those people are also at a disadvantage. They use their energy and skills for caretaking, not competing. These people might have contributed to the economy's overall comparative advantage if they were not caretakers.

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Lack of systems for people at competitive disadvantages. 

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Lack of systems for people at competitive disadvantages. 

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A market economy has no system to care for those who are at a competitive disadvantage. Some examples are the elderly, children, and people with mental or physical disabilities.

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A market economy rewards innovation. New products will meet the needs of consumers better than existing goods and services.

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Since supply and demand is a big part of a market economy, it ensures that the most desired goods and services are produced.

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A market economy is when most things are owned and controlled by people who market transactions governed by supply and demand.
Characteristics of a market economy.

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Most goods and services are privately owned. Owners can make contracts to buy, sell, or lease their property.

Private property in a  market economy.

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The government is not very involved in market transactions in a market economy. It is limited to make sure the rules of the economy are enforced and applied fairly.

Government involvement in a market economy.

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Private companies don't exist in a command economy. The government employs all workers and chooses their wages and jobs.

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The value of resources is based on supply and demand. If the supply is low, but the demand is high, the price will be high. If the demand is low and the supply is high, the price will lower.

How supply and demand works.