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If the expenses to produce the things they sell get too high, then they have to raise the prices.

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It is not efficient.

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For example, if they decide to send extra food to a city that needs it.

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The government only needs to worry about making money. They do not have to worry about competitors.

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The government might not answer to the peoples financial needs

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The government controls what is made and what is not made, so new things will not be produced unless the government says so.

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People are not motivated to build new things.

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The government can decide if they do not want people doing a certain job.

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There is low unemployment levels.

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The government decides how much the companies earn.

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Companies do things for the common good, and not for money.

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The government can decide who works where, and how much money they get.

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There is less inequality.

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An example of this is North Korea.

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The government controls how things are distributed.

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In this kind of economy the government gets to choose what people buy, sell, and make.

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For example, if not that many people want to a buy a car but there is a lot of those cars being made.

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When there is low demand but high quantity, then the prices go down.

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For example, if everyone wants to buy a new car but the company can not make a lot of those cars.

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When there is high demand but low quantity then the prices rise up.

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For example like buying or selling a house.

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People can sell their property and buy new property.

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An example of this is the USA.

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In order for this kind of economy to work the government cannot have much control over the economy.

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For example, if two companies are trying to sell computers then there will be competition.

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There can be competition, when multiple people or companies try to sell the same product or service.

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People have freedom to choose what they want to buy and sell

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In a Market economy people have freedom of choice.

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An example of private property is a house or a car.

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People can own private property in this kind of economy.

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An example of a countries with a Market economy is the USA and Canada.

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Many Countries have Market economy.

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Barter is when you give something else in return, but there is no form of money.

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Most societies that have Traditional economies have a form of trading called barter.

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For example this society, where they are working to produce just the things they need.

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Most societies that have Traditional economies only produce what they need.

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In these societies the people mostly gather or hunt their food.

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Most Traditional economies are hunter-gatherer and nomadic societies.

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Most of these countries are in Africa, Asia, the Middle East, and Latin America.

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A lot of developing countries have Traditional economy.

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People live this type of life, because they do not have the money and resources to get a better one.

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Some people have a traditional economy, but live simple lives because they do not have many of resources most people have today.

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Some of those people are inuits

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People who have traditional economy normally have simple lives because they want to.

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For example farming or hunting.

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Children do most tasks that adults do.

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For example some customs or traditions are farming.

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Most things are done with habits and customs.