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A Traditional Economy does not rely on a single currency. It relies on a system of direct trading in order to upkeep it's production.

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A Traditional Economy is modeled after how a certain community lives and also past means of production.

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Disadvantages: Vulnerable to Other Economies

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Disadvantages: Vulnerable to Other Economies

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Traditional Economies are also vulnerable to other types of economies. Market and Command Economies often use up the natural resources that Traditional Economies depend on to thrive.

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Disadvantages: Exposed to Changes in Nature

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Disadvantages: Exposed to Changes in Nature

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Traditional Economies are exposed to changes in the weather, which negatively affects the community. If there is low productions of crops the community will be negatively affected.

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Advantages: Less Destructive to the Environment

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Advantages: Less Destructive to the Environment

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In a Traditional Economy, the community does not have the ability to produce well above their means. Therefore, there is little to no waste.

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In a Traditional Economy, everyone has an assigned job that stays with their family for generations. This results in little to no friction, or no disagreements over who does what.

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A type of economy, where economical habits do not change no matter the situation.

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Private enterprise is nonexistent in a Command Economy. The government is the employer to all workers and is the only entity that decides the wages and duties of workers.

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Advantages: No Regard for Profits and Losses

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Advantages: No Regard for Profits and Losses

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Motivation in a Command Economy comes from benefiting the common good. A Command Economy can tailor the services and products it offers to benefit the people without worrying about profits or losses.

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The government owns everything that is involved with the economy, which in turn does not allow investments in anything.

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Production in a Command Economy is much more inefficient than in a Market Economy. With no competition, there is a lack of urgency to produce more, which also creates a lack of innovation.

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Because the government is controlling all aspects of the economy, there is no possibilities for innovation in the economy.

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In a Command Economy, the government can set wages and job openings to lower the unemployment rate and equalize wage distribution.

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The government controls all means of production, meaning it determines, who works where and how much they will be paid, which creates more structure than in a Market Economy.

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A type of economy, where all economical decisions are made by the government.

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Owners are free to sell, buy, and produce services in a competitive market. Their only constraints are the price they are willing to buy and sell at, and the amount of money they have.

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Competitive pressure forces prices to remain low. Also ensuring that society provides goods and services most efficient way possible.

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Business owners sell their goods and services to whoever offers the highest price while negotiating the lowest price for their own purchases. Which in turn benefits the economy.

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Majority of goods and services are privately owned. The business owners can sign contracts giving them the rights to profit from ownership.

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Most societies in the modern incorporate all three types of economies in their current economies, making them mixed economies.

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The government has limited power in terms of the economy. It's is to make sure that the rules are enforced and applied equally.

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The value of a certain product is based on the amount and demand of the product.

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A type of economy where the people buy or sell out of their own interests.