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traditional economy and market economy are very different because one rely on the land and getting resources from land and the other from manufacturing it and money.

shows how members of traditional economy sell their goods

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the answer is both both socialist and communist countries have a command economy. with socialist government everything is controlled by the government and peoples income is based off of their contribution. In communism income is based of their needs not their contribution.

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- in a market economy businesses can do whatever they want but in a command economy the government makes all of the business decisions.
- in a market economy people can choose their jobs but people who live in a command economy can not the government decides for them.
- in market economy the business owners have control of their business and they own in while market economy the government own everything.

Market economy v Command Economy

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- every 5 years the government sets an economic plan and what they want accomplished in the 5 years.
- they decide what resources are going to be made according to the economic plan. they carry out the production of the resources in the most efficient way possible with peoples abilities and lowering the rate of unemployment.
- the government owns all businesses and there are certain businesses for the different things that are needed.
-the government makes laws and regulations to enforce the plan.

Restates the characteristics

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the first place where there was known to be command economy was the Old Kingdom of Egypt and an Incan civilization. The Soviet Union was a communist country who were the first who actually adopted a command economy in 1917. Karl Marx and Friedrich Engels were the first to actually come up with the concept in 1848. there was a struggle between workers and owners which was what sparked the idea.

Karl Marx was one of the men who came up with the concept of command economy

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Most countries now are free- market economy but there are still a few countries with aspects of a  command economy. Countries that are still mostly command economy are, North Korea, Cuba and Belarus. it is very hard to live in a command economy because most of the time they have a communist government.

The photo represent how the government controls the people

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- a disadvantage is the government decides your income your job and more so people do not have a lot of freedom.
- the government also decides the amount of product that is made and it might not always be accurate to what people want and need.
- some people work harder than others and if they have the same job they get the same income and there may not be motivation to do better.
- there can be some illegal activity because of how the people are limited financially and in terms of new opportunities and may engage if bad stuff to make more money.

Shows how sometimes the government may become to controlling

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- Wealth can be spread more equally among people since the government controls the income.
- production can happen more quickly for example if there is an emergency the government can use its resources to help the people.
- since the government decides the prices for everything the prices can be lower because there is no demand.
- the government supplies jobs so its more likely for everyone to have jobs.

describing how command economy can be succesful

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The basic concept of a command economy is that the government has most control. the government own almost everything meaning you can not make investments. they also control peoples incomes.

this photo represents how the government controls the people and economy.

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A traditional mixed economy is where traditional economy interacts with command and market economies. when this happens cash is more important, which allows the traditional economy to but better supplies for farming, fishing, hunting etc.

Shows how they can work together

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- based on how the community actually lives.
- nothing is wasted all of the products produced are used
- the society moves where there needs are, for example when the cattle moves they move.
- does not rely on a single currency but instead on trade.

Restates the characteristics

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One of the earliest examples of traditional economy is Maasai tribe in East Africa. the society relied on agriculture. they mostly raised cattle as their main source of money.

This photo is a member of the Maasai tribe and the cattle

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America had a traditional economy before 1492 when the Europeans immigrated over. America was like a traditional economy before the Great Depression. All of the people lived in farming communities, 41% of the workforce was agriculture.

This photo shows agriculture before the Great Depression

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- Traditional economies rely on nature for their goods. As a result, if there is any changes in nature because of the weather or other circumstances people can starve if the food is not produced.
- Other economies can affect them as well. other economies use factories can damage rivers used for fishing etc.

shows how the gasoline can affect the farming.

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- There is no friction between the members because everyone knows their role in the economy.
- Members also know what they will receive from their work so they are less likely to rebel.
- Since Traditional economies produce their needs there is less damage to the environment.

one of the benefits is it comes from nature and this shows how they get their crops

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Traditional economy is a system that relies of customs and the needs of society. Society with traditional economies rely on a combination of agriculture,  fishing and hunting. it is to be believed that most other types of economies go their start from traditional economy.

in a traditional economy all resources come form earth

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There are key factors that go into a Market economy:
- Freedom of Choice: owners are free to produce the goods they want to supply. The choice is there so more people will start businesses and there will be more competition in the market.
- Motive of self- intrest:  means that consumers are  trying to get what  they want for the best price while businesses are trying to make the best profit.
- Limited Government: the government can regulate some things so everything is fair in the competition.
-Private Property: means that the property is owned by the individual owners not the government.
- Systems of  Market and  Prices: an efficient market is needed so goods and services con be sold.

This photo shows the characteristics of a market economy

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Market Economy is basically trading goods for money. Human beings have been trading goods  for centuries. it started with agriculture. it has evolved since them and become more complex.

trading of goods

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what is the governments role in a market economy?

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what is the governments role in a market economy?

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The government has 4 main roles in  market economy:
- They make sure every thing is running smoothly. they correct any problems that may occur.
- they also should provide an integrated infrastructure which refers to the things that effect efficiency.
- Since market economies do not produce a distribution of income, government programs use taxes and equity to distribute income to specific groups.

how supply and demand are equal

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How does the constitution protect the US market economy?

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How does the constitution protect the US market economy?

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the US was the first place to use Market Economy. it protects free enterprise and freedom of choice by prohibiting states form taxing each others goods and services. It also protects private property and limits the government to protect the people. in addition, private property cannot be taken away by states because of due process.

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Adam Smith came up with the concept in 1776. he said it showed the best way to have an economy where the government would not get in the way of business. But he put down his idea until  1759 when he came out with his book, "Theory of Moral Sentiments". It still took him a long time to figure out the best way for his theory to work.

Adam Smith who came up with the concept

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- Since a market economy is so competitive there can be disadvantages, there is no help for elderly or disabled people and the caretakers of those people meaning they can not  involved as well.
- Some may have no choice but to work minimum wage to support there families and may not be optimized.
-there can be a wide social and economic gap since the there are some who succeed and some who don't.

shows the disadvantage for the planet

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- One advantage is that the goods and services that consumers want are made and placed at the highest price that they will pay and businesses will make a profit.
- With market economy there is efficient productions meaning the more efficient a worker is the more they will make.
- Market economies encourage investments when business is doing well so new businesses can succeed as well.

This photo shows factors that are needed for efficient production

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Market economy is an economic system where the economic decisions are made by costumers and individual businesses.

shows how the market economy works