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Pigmies

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Amish

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Eskimos

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The economy relies on tradition to decide how goods and services will be produced, and how they are distributed.

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People who have traditional economies include...

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Traditional Economies base economic decisions on cultural values, beliefs and tradition.

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Traditional Economies are as old as man kind and can date back to the Stone Age.

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All goods and services are completely used by the community and there is never an excess or shortage of goods.

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Traditional Economies do not operate under a profit motive.

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Traditional economies are a way of life in underdeveloped countries that rely on habits and traditions such as trading, farming and hunting.

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The government owns all resources and tells businesses what to sell.

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Vietnam

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North Korea

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Cuba

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China

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Places with command economies are for the most part communist countries.
For example...

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Command Economies are able to act quickly in emergencies.

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There are low levels of inequality and unemployment

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There is a lack of competition in the market

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The government employs all workers and decides how much they get paid.

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The government determines what is produced, how it's produced, and how it's distributed.

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A centralized government controls the means of production and gives orders.

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A market economy is an economy where most resources are owned/controlled by the people and are allocated through market transactions.

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competition

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buying and selling

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self-interest

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freedom of choice

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Places with Market Economies include The United States of America, Western Europe, and Japan.

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Owners are allowed to produce, sell and purchase goods and services in the competitive market.

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Profit and self interest from the people is a very important part of driving this economy.

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A market economy works under the laws of supply and demand.

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private property