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A disadvantage of Traditional Economy is that their economy is exposed to change, meaning they might not adapt well. They also have a small population.

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The U.S. had traits of a Traditional Economy before the great depression

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Because Traditional Economies are small they produce less harm to the environment.

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Traditional Economies produces only what they need for survival, they rarely have leftovers meaning there is NO trade.

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Most countries start out with a traditional economy and then to a market or command economy.

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Traditional Economies rely more on old-fashioned economic models like hunting.

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Traditional Economy is mostly found in undeveloped countries or people who choose to live life back in the day like the Amish.

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A traditional economy does not have any interest in profit, its main goal is the survival of its people.

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The government commands the industries and gives it orders on what to make and how much employees get paid.

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Advantages of a Command Economy is that common good goes over profit. Meaning the government can focus on the common good of the people and not of profit or losses.

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A disadvantage of a Command Economy is that it is very inefficient, the government gets blogged down with expenses they earn lower profits, they will have to raise prices and customers might not be able to afford.

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Another advantage to having a Command Economy is that there is a low levels of unemployment. And no one gets paid more, government sets wages.

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Some advantages of a command economy is that it provides free medical care, education and housing to citizens.

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Most dictatorships have a Command Economy. EXAMPLE: North Korea.

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In a command economy their is no such thing as competition shown in market economy.

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The government owns every industrie and chooses who gets food, who gets paid, and who gets privileges.

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The U.S. Constitution protects your rights to own a small business and to have a market economy. EXAMPLE:The 4th amendment protects the rights of owning private property and limits the government by protecting people from unreasonable searches and seizures.

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The more creative you are with your products in a market economy the more buyers you'll get.

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Private Property exists in a market economy, when citizens start a business they can sign legally binding contracts that allows them to get profit form ownership.

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In a market economy producers compete for customers. Competition in a market economy is healthy!

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In the market economy the government has very little involvement. It makes sure that the producers follows the rules and doesn't sell any illegal products.

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When there is a low supply and a high demand there will be a high price for the product.

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Lynchburg Business Magazine - A magazine devoted to Lynchburg-based businesses

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A magazine devoted to Lynchburg-based businesses

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When their is a low demand and a high supply it means their will be a low price in stores.

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An economy in which citizens are allowed to freely buy and sell what they need with little government interference.