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This is a picture of Belarus

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This is a picture where North Korea is in the map

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this is a picture of the Cuban Flag

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The last disadvantage of a command economy is, low personal freedom. With all the government limits the people barely get to make decisions for them selfs. The government controls what job you have, how much you get paid. For example, in North Korea, the government does not let you move from one city to another even if it is in the country.

this is a representation of government less freedom

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Around 2200 BC in the Old Kingdom of Egypt and in the 16th century in Incan civilization, there was a form of command economy. The Soviet Union in 1917 was the first communist state, this lasted till 1991 until the Soviet empire collapsed.

below is a picture of the map of the Soviet Union

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Is a Command Economy Socialism and Communism?

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Is a Command Economy Socialism and Communism?

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Socialism and communism are both types of command economy. In all three, the government controls everything. But there is a difference between all of them. In a socialist country everything is managed by the government. However in a communist country, everyone owns a little bit of land and money and then it id distributed equally. Lastly the command economy is in the category of both socialism and a communist country.

this is a picture of the 2 different groups and what they represent

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The 3 closest countries that have a Command Economy are North Korea, Cuba, and Belarus. Venezuela also has some properties of a command economy

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The first difference in a Command Economy vs. a Free market Economy is Business Decisions. They are different because in a free market Economy the owners can do whatever they want , as in a command Economy the central plan decides everything. The second difference is Freedom. In a Market Economy the people can choose their jobs and are free to do anything. But, in a Command Economy people are limited to freedom. The third difference is ownership,  in a Command Economy the government owns a lot of stuff so the people can't invest in about nothing, in contrast in a Free Market Economy,  people can own anything they want.

this is a diagram of how the market economy and command economy are different.

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Like there is advantages in a Command Economy there is also its Disadvantages. One disadvantage is that they are inefficient. This is a big problem because it drives the people in the Free Market out. this is because production in these places in very slow, making them feel no pressure from there competitors.

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what are some advantages of Command Economy? Well, there are many. To begin, because of a Command economy there is less inequality. This is an advantage because the government controls who gets hired and how much money they earn, this is good because even if you aren't very skilled you still have a chance of getting hired.
Another advantage of Command Economy is that, the workers are motivated to do their job for the common good. This is because they wouldn't suffer from profit losses.

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Command Economy is when a centralized Government controls the amount of production. In other words it is a Communist country. This means that the government controls everything. For example, they control how much something  is produced, how it is spread, what is made, and how is made.  The Government also controls the wages and jobs that each person gets.

this is a picture of how the steps in command economy

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Free Market economy Is also know as Free Enterprise or Capitalism

this is a picture of a sign that say capitalism

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Another slide to go with where is Free Market economy is Practiced 

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Another slide to go with where is Free Market economy is Practiced 

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this is a picture of Western Europe on a map this is another example where Market Economy is practiced

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Picture to go with Where Free market Economy is Practiced  

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Picture to go with Where Free market Economy is Practiced  

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here is a picture of Japan on a map this is where free Market economy is practiced

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Some places Free Market Economy is practiced is in The United States, where we live, Western Europe and Japan

Below is a picture of the United States

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AIM was started in 1991 and incorporated in 1992. We began as a publishing and distribution company. Over the years, our company has changed and evolved based on the needs of our customers. Today, AIM is known as a dealer of new and used equipment for various business sectors.

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How the constitution protects the US Market Economy 

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How the constitution protects the US Market Economy 

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The Market Economy is protected by the US Constitution in many sections of the document. First in Article I, section 8, it states that it protects innovation as property by establishing a copyright clause. In Article I, Sections 9 and 10 it suggests, that it shields from free enterprise of choice by not taxing states from other goods and services. Amendment IV states, that it defends private property and limits government from unreasonable searches. In Amendment V shields ownership of private property. Lastly Amendments IX and X limit governments ability to obtrusive from any rights outlined in the Constitution.

this is a sign that prohibits-people trespassing under the law.

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The 6 characteristics of a Market Economy

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The 6 characteristics of a Market Economy

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The six characteristics of a Market Economy are, Private property which is how the goods and services are privately owned ,Freedom  of choice, this means that the owners of that company can sell any good in a competitive market  Motive of Self Interest is when anyone and everyone sells their products to the highest bitter and to debate for a low price for their purchases. Competition makes the other owners keep their prices low System of Markets and prices relies on an efficient market which sells goods and services. , and Lastly, limited government makes sure that all of the markets are open to work for . These 6 characteristics define what is a Market Economy.

this picture represents one of the six characteristics

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What are the downfalls of Market Economy? Well there are many disadvantages. To begin, since a Market Economy is run by the people and not a government, there are Environment issues. They have environment issues because there are no government regulations.  It is expensive to have a healthy environment, this reduces profits.  Another disadvantage of Market economy is Wealth. This is another issue wealth generates wealth. This means that if you are already wealthy it is easier to become more wealthy. On the other hand if you are poor it is harder to become wealthy.

below is a picture of the main factors in a Market economy

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In every economy there are its advantages and disadvantages. In market economy there are several advantages. For example, market economy leads to the efficiency because businesses have less costs and are more competitive, making more money.  Another advantage of Market economy is that it motivates the people. It creates an a ambitious edge, that makes them more money

the picture below is showing a man that is making more money

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Each value of a resource will vary from many different prices. The way they price each resource is by seeing how high or low the demand is. For example, if the resource of the good is low but, the demand is high the price would most likely be high. If the demand is low on the good and the supply is high the price would probably be low. This is because if there is more of a resource it is easier to get, making it less expensive than if there weren't a lot of that resource.

below is a picture of how the people control the trade and not the government.

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Market economy is where some resources are owned, controlled by people, they are distributed with voluntary market transactions that is controlled by the goverment for the interaction of supply and demand. For example, money, goods, and services are some examples of things that people exchange.

Below is a picture of people buying goods.

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Traditional economy is based off of how the community lives. this means it is dependent on geography, culture, hierarchy and tradition

below is a picture of hierarchy

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In every job and economy there are their pros and cons, just like in traditional economy. One con is traditional economy is the carrier path. For example, if your father was a food gather, you will most likely be a food gather.

below is a picture of a whole family gathering food

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Characteristics of Traditional economy 2

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Characteristics of Traditional economy 2

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the Traditional Economy system doesn't rely on one specific currency. it mainly relies on barter and trade.

below is a picture of barter and trade

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traditional Economy has many advantages. For example, one of them is that they only get what they need. this is a great advantage because it means that it is better for the earth and there isn't any waste.

the image below shows more advantages for Traditional Economy.

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every economy has advantages. For example, in traditional economy the community is very bonded. this means that every member of this community helps out, they support the production of food and trading.

below is a picture of two people woking in the fields helping each other.

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Not only does Traditional Economy have advantages it also have disadvantages. For example, They are exposed to changes in nature. This means that when the weather changes the harvest or hunting is poor, therefor many people starve and the economy suffers from population.

this is a picture of when the crops don't grow.

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where is Traditional Economy practiced? 

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where is Traditional Economy practiced? 

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The most common places Traditional Economy is practiced is in Alaska, Africa, Asia, Latin America, and the Middle East.

the picture below is a picture of many children and parents working

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Traditional economy is when the children work the same jobs that their parents work. Farming, hunting are some examples of the type of work they do

Down below is a picture of child and her parents gathering food.