# data[].attributes.body
north korea is a prime example of a command economy.

# data[].attributes.body
All important economic decisions are made by the government in a command economy. It has complete control over all means of production in a country, including raw materials, money, land, and industry. The government is in charge; the people are left in the dark.

# data[].attributes.body
This policy reduces competition in the country, leading in material deprivation in most cases. The government's primary objective, in theory, is not to make money...it aims to take care of its citizens by giving them free or subsidized education, housing, and healthcare.

# data[].attributes.body
The government has a plan for issuing orders to companies. The government also regulates people's income. Because the government owns virtually everything, including land, you won't be able to invest your money.

# data[].attributes.body
Lack of competition inhibits innovation, inefficiency.

# data[].attributes.body
Less inequality,
Priority of the Common Good vs. Profit Motive, low unemployment levels.

# data[].attributes.body
The government owns all resources, regulates prices, and directs businesses what and how much to make – all in the name of maximizing the welfare of the population.

# data[].attributes.body
farming

# data[].attributes.body
The Great Depression

# data[].attributes.body
Before the Great Depression, the United States had atraditional economy. More than half of Americans resided in farming towns around the turn of the century... 41% of the workforce was employed in agriculture. However, in order to fulfill rising demand after WW1 they adopted ineffective farming techniques... As result, we had a 10 year drought.

# data[].attributes.body
-Market or command economies that deplete natural resources make them more vulnerable.
-Exposed to changes in nature and weather patterns.

# data[].attributes.body
-There is little or no conflict among the members.
-Everyone knows what they're meant to do and how they can assist.
-A more sustainable economy than one dependent on technology.

# data[].attributes.body
Several traditional economies have evolved into a mixed system that combines aspects of capitalism, socialism, and communism.

# data[].attributes.body
Economic decisions in traditional economies are based on cultural values and beliefs.
Farming, hunting, and fishing are the foundation of this economy.

# data[].attributes.body
Traditional economy is an economy which doesn't operate under a profit motive.

# data[].attributes.body
New York Stock Exchange.

# data[].attributes.body
Competitors recognize that by creating it and increasing supply, they may increase profit. As a result, prices fall to the point where only top competitors can compete for jobs. Buyers compete for the best deal.

# data[].attributes.body
Prices are kept low by the force of competition. It also ensures that society's goods and services are delivered in the most efficient manner possible. The rule of demand dictates that when demand for a certain item rises, so do prices.

# data[].attributes.body
The United States of America is the world's strongest market economy. The United States Constitution is one of it's biggest strengths. It contains provisions that facilitate and protect the characteristics of the market economy.

# data[].attributes.body
- Example of people in the Market Economy.
-It demonstrates that consumers have complete control over what they sell and purchase.

# data[].attributes.body
No system in place to help people who are already at a competitive disadvantage...Ex. elderly, children, and peoplewith mental/physical disabilities.
(economic security isn't easy to get.)

# data[].attributes.body
no government regulations
-everyone has freedoms of choice, economic efficiency, growth, self-interests.

# data[].attributes.body
The market economy operates according to the law of supply and demand.
Competion is the drive of the market economy and characteized by freedom of choice, self interests, etc.