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One of the main disadvantages for command economy is it's inefficiency

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disadvantages include lack of competition and lack of efficiency

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An advantage

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advantages include low levels of inequality and unemployment, and the common good replacing profit as the primary incentive of production

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Stocks is a good representation for investments and incomes

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It also determines investments and incomes

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A good diagram explaining command economy

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is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale

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Government in a meeting

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Since it takes long for food to grow, the amount being sold would be the only ones in stock

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Because of the small circle due to most of traditional economies being poor, their is rarely more supply than demand

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This is what a common place trade in a traditional economy would look like

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Barter and trades is often used instead of money

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In the Philippines for example, gold digging is common place and most teenagers and early adults take up these jobs

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Traditional economy is often based on agriculture, fishing, hunting, and gathering

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This picture shows someone using a cow in order to do some sort of tradition he probably learned from his father as a custom

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A system based on custom, religion, and beliefs

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Though businesses are owned by individuals, the government can still control things like enforcing the rules of the market to make sure it's applied fairly to all applicants

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Ps5's are known to be quite rare leading them to be sold by flippers for more than there normal cost

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This means that if there is a low supply but high demand the product will cost more, and if there is a high supply but low demand the product will be cheap

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People waiting in line to buy food

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A good representation of a market economy

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People exchange currency for either services or resources on a daily basis through voluntary actions

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An economy where the resources are mostly owned by individuals, and works by the interaction between supply and demand