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Many countries such as Cuba and North Korea have changed their economic models due to the pressures of globalization and financial market turbulence

cartoon about North Korea

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The collapse of the command economy is mainly focused on meeting the needs of its people by controlling the prices and earning of homes. Its failure to improve the living conditions of its citizens has led to the existence of inefficient industries and government-controlled schools

cartoon about money control

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In a command economy, the government sets the prices for goods and services that will be produced and sold

cartoon of workers not earning enough wages

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Socialism-economic and political system where the workers own the means of production
Communism-  the political belief that all people are equal

showing both socialism and communism

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Critics of this innovation contend that the lack of competition in this field prevents customers from accessing the optimal level of prices

Government

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-Belarus
-China
-Cuba
-Iran
-USSR

flags of countries with command economy

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Less Inequality
The government controls the means of production in a command economy, it determines who works where and for how much pay.

cartoon of government controlling everything

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Competition keeps prices low. Also, makes sure that society has the best goods and services

characters competing to win

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Limited government
Force and power is restricted through delegated and enumerated authorities

cartoon about limited government

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Freedom of Choice
It's when an owner can sell, purchase, etc. in a competitive market

the unlock represents freedom of choice

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Private Property
A property owner has a contract and he or she can sell, buy, or lease their property

a person owning the factory

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- It is effortless for rich people to become richer than poor getting rich
- There is a lack of optimization

a scale that has pros on one and cons on the other

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- The free flow of supply and demand encourages consumers to pay the highest possible price for the goods and services they desire.
- This sharing of knowledge illustrates why Silicon Valley is America's innovative advantage.

graph showing the free flow of supply and demand

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- To sustain a traditional economy, employees work long hours and are not guaranteed that their work will be met.
- In a traditional economy, many people have few career choices. There are specific roles that are handed down from generation to generation.

workers hoeing the dirt

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- The knowledge and awareness that people have about the various facets of a traditional economy also help develop the skills necessary to succeed in this industry.
- Traditional economies are strong and tight-knit communities that rely on each other for their basic needs.

a thumbs up

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The Maasai tribe in East Africa has a good example of a traditional economy that was built on community custom and tradition.

picture of the Maasai tribe

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Before the arrival of Europeans, America had its traditional economies. The advantages of having a stronger immune system and small communities prevented them from getting sick. Eventually, they succumbed to disease and war.

illustration of the Europeans arriving

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- traditional economies are based on the traditions of a family or tribe.
-Hunter-gatherers and nomadic societies have a traditional economy.
- traditional economies do trades for example trade fish them actually fishing

two people trading

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In a market economy, there is a labor and product economy. The Labor economy is when the workers earn the money, it also provides workers to the product market. The product market is it send products to consumers and the consumers pay the product market for the supply.

where workers, wages, and money goes between labor and product market

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- tremendously vulnerable to other economies such as market or command
- it can also have people malnourished due to a lack of population growth

an arrow going down a line plot

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There are some pros and cons some pros are:
- tradition economies are small so they won't  be as catastrophic
- because of the customs people will compromise trouble-free

an arrow going up representing pros

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Def: when the government takes control of everything to owning all resources to telling businesses how much they make

picture of cents behind the word command economy

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Def: the definition is in the name and economy that uses traditions it depends on customs.

illustration showing hard workers planting and picking crops

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Def: an economy where resources such as land, labor, and capital are controlled by a group of individuals

collage of words about market economy