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The government is giving waters to people who need the help

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The government is giving waters to people who need the help

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This person is competing alone and that's what command economy is: lack of competition

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This person is competing alone and that's what command economy is: lack of competition

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This is an example of affordable makeup, but low quality 

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This is an example of affordable makeup, but low quality 

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This is a graph of inefficient production

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This is a graph of inefficient production

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These are people who don't want to work because there inefficient

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These are people who don't want to work because there inefficient

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These are the characteristics of command economy

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These are the characteristics of command economy

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This is the role of a principal in a school

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This is the role of a principal in a school

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The countries in lime green are the market economy countries

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The countries in lime green are the market economy countries

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This is a example of buinesses trying to differenciate themselves from others

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This is a example of buinesses trying to differenciate themselves from others

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These are the characteristics of market economy

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These are the characteristics of market economy

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This is an example of poor working conditions

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This is an example of poor working conditions

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This is a meeting of people developing a business

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This is a meeting of people developing a business

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These are the countries that are communist

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These are the countries that are communist

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Production in command economies is notoriously inefficient as the government feels no pressure from competitors or price-conscious consumers to cut costs or streamline operations.

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The lack of competition in command economies impedes innovation and keeps prices from resting at an optimal level for consumers.

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The government decides prices in a command economy. They are not influenced by demand, supply, or any other factors. So, the government does not look to make a profit, so, everything is usually affordable though low quality goods

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If there is ever an emergency, like natural disasters or wars. The government will provide resources

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A command economy is where the government owns all resources, sets prices, and tells businesses what and how much to make — all, theoretically, to maximize the population’s welfare.

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In a traditional economy there are fewer career choices. Roles are handed down from generation to generation. If your father was a hunter then you are a hunter.

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A traditional economy isn't as efficient as a market economy, which has a significantly stronger track record of success in guaranteeing a good quality of life for society members

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Traditional economies also create an environment where each member of the community is aware of the stakes involved, and well aware of the role they play in contributing to a traditional economy

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A traditional economy doesn't pollute the environment, instead it keeps their living environment clean.

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A traditional economy doesn't depend on a single currency. Instead, it relies on a system of barter and trade.

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Traditional economy is one that relies more on culture, customs and local history than dollars, cents, profits and losses

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Inefficient, no incentive to work hard or be creative.

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a command economy government can set wages and job openings to create the unemployment rate and wage distribution that it sees fit.

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Communist countries such as: China, Vietnam, North Korea, former Soviet Union, Cuba

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Children work the same jobs as their parents, often farming or hunter/gathering

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Eskimos (Alaska) and the Amish (Pennsylvania)

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United States, Western Europe, Japan

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Since a market economy allows the free flexibility of supply and demand, it ensures that the most desired goods and services are produced. Consumers are willing to pay the highest price for the things they want the most. Businesses will only create those things that return a profit.

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Supply includes: natural resources, capital, and labor. Demand includes: purchases by consumers, businesses, and the government.

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There is a freedom of individual choice such as developing a business, and purchasing goods and services (as long as you can afford them)

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Poor working conditions can result due to a lack of government regulations because health and safety cost a lot of money, which results in reducing profits

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There is also a large variety of goods are available as businesses will try to differentiate themselves from others.

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Eventually since everyone is competing it will lead to efficiency because businesses that have fewer costs on their products will be more competitive and will earn more profit.

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market economy is an economy where most of the resources are controlled by the government