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Environmentally friendly! Traditional economies rely on used items which means there is barely any waste.

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Environmentally friendly! Traditional economies rely on used items which means there is barely any waste.

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This is used clothing being sold at a market.

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Traditional economies are often in under-developed countries, like Benin and Angola.

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Traditional economies are often in under-developed countries, like Benin and Angola.

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This is a picture of people working in Africa, where there are a lot of under-developed countries. Developed countries would use machines instead.

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Change is feared. Amish are good examples, their customs fear change that's why the clothing, ways of movement and traditions have remained constant for over 50 years.

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Change is feared. Amish are good examples, their customs fear change that's why the clothing, ways of movement and traditions have remained constant for over 50 years.

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Here is the way of movement preferred by the Amish. Horse and buggies! Even though modern tech has created cars, planes, and boats they still drive a carriage because of traditions

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Children usually inherit their parents jobs.

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Children usually inherit their parents jobs.

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This photo shows the family's job: harvesting and growing melons. As you can see, the mom, her daughter, and her baby are working together. The daughter inherits the job.

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Tradition is the guidelines for big economic decisions like products.

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Tradition is the guidelines for big economic decisions like products.

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This is a photo of a tradition.

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Relies on customs instead of modern ways. They would  prefer cows instead of computers.

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Relies on customs instead of modern ways. They would  prefer cows instead of computers.

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Here is a bazaar, they prefer this to modern technology. The bazaar sells cultural things like clothing and food.

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Creativity is encouraged because you have more freedom in which business you can create or idea you can execute.

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Creativity is encouraged because you have more freedom in which business you can create or idea you can execute.

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This image shows a light bulb (idea) exploding which represents an idea coming to life.

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Competition isn't always good. There is a bad side to market economies which is that everything isn't equal. That means not everyone can put food on the table, or even go to the doctor in an emergency without worrying about the bills! That's why a lot of people advocate for free healthcare.

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Competition isn't always good. There is a bad side to market economies which is that everything isn't equal. That means not everyone can put food on the table, or even go to the doctor in an emergency without worrying about the bills! That's why a lot of people advocate for free healthcare.

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This photo shows two people competing for money. This represents inequality because only one person will get the money and the other will be very poor.

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Lots of competition. The good thing about privately owned businesses is competition. It is our human nature to want to be better than the rest. In an economy, competition helps stocks, market, and more,  especially long term.

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Lots of competition. The good thing about privately owned businesses is competition. It is our human nature to want to be better than the rest. In an economy, competition helps stocks, market, and more,  especially long term.

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This cartoon shows how the people with no money want money because money seems to make you more popular, and might make people feel better than the rest depending on your views/opinions. Which is why "spoiled brats" often act very entitled and/or arrogant.

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Supply and demand. Prices in a market economy are based on supply and demand. If the demand is high, and the supply is low, the price will be high because they need the money to sell more products. But, if the demand is low and they have a lot of supplies, the price goes down so people will buy the product. For example, when Toys R Us went bankrupt, the prices dropped drastically because no one was buying the toys.

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Supply and demand. Prices in a market economy are based on supply and demand. If the demand is high, and the supply is low, the price will be high because they need the money to sell more products. But, if the demand is low and they have a lot of supplies, the price goes down so people will buy the product. For example, when Toys R Us went bankrupt, the prices dropped drastically because no one was buying the toys.

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This photo shows the ratio between supply and demand at a shop.

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Lynchburg Business Magazine - A magazine devoted to Lynchburg-based businesses

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A magazine devoted to Lynchburg-based businesses

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The economic growth is determined by profits (risk and reward) and the reward should be higher than the risk

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The economic growth is determined by profits (risk and reward) and the reward should be higher than the risk

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This image shows the chance of risk and reward, and compares it to dice.

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People can trade or exchange resources (money for food) because they're privately owned.

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People can trade or exchange resources (money for food) because they're privately owned.

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This is a cartoon of two business people shaking hands, which signifies confirming a trade.

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The value of resources is based on how rare the resource is. For example, diamonds have a lot of value because they are rare.

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The value of resources is based on how rare the resource is. For example, diamonds have a lot of value because they are rare.

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This is a photo of a ring with a diamond which has a lot of value.

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Most resources are individually owned. Contrast to the command economy, you are able to privately own a buissness.

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Most resources are individually owned. Contrast to the command economy, you are able to privately own a buissness.

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As you can see, this women is happy because she just opened her own business.

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Rocket Lawyer offers free legal help and information on a wide variety of topics, including business formation, estate planning, family issues, and many more.

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People barter/trade instead of money. In normal markets, the trade is money for __(ex. food,clothes etc.). In a traditional economy, the trade is ___ for ____ ex. food for food, clothes for food, or clothes for clothes.

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People barter/trade instead of money. In normal markets, the trade is money for __(ex. food,clothes etc.). In a traditional economy, the trade is ___ for ____ ex. food for food, clothes for food, or clothes for clothes.

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Here is a photo of two women bartering clothes.

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Hard to have creativity. Since the government owns and regulates everything, you can't find an easy way to be creative and express yourself.

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Hard to have creativity. Since the government owns and regulates everything, you can't find an easy way to be creative and express yourself.

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This cartoon shows a man trying to be creative or think of an idea. The government controlling everything is putting off half of his ideas because he also has to think of regulations!

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

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

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This is a coffee farm.  Which is an example of one thing a government would say you can produce because most people drink coffee every day.

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Act quickly in emergencies. The government can act quickly because it owns everything and controls everything. 

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Act quickly in emergencies. The government can act quickly because it owns everything and controls everything. 

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If this man represents the government thinking about ways to solve different problems, he is acting quickly. On a much larger scale, the government could solve a  problem like a natural disaster in a couple seconds.

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Government limits certain choices. This can help reduce drug use, selling bad stuff etc.

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Government limits certain choices. This can help reduce drug use, selling bad stuff etc.

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As you can see, you can't sell drugs here because the government said you can't.

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Governments can change buisness for the common good, people never have to worry about going out of buissness. For example, free healthcare too all.

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Governments can change buisness for the common good, people never have to worry about going out of buissness. For example, free healthcare too all.

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These people are protesting because they think free healthcare is a human right, in a command economy they would have free healthcare because the government owns all businesses.

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NO competition. Since the government owns everything, everyone is equal which is a good and bad thing. Our market (USA) runs on competition and good markets all over the world do. Without competition, selling rates aren't that high.

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NO competition. Since the government owns everything, everyone is equal which is a good and bad thing. Our market (USA) runs on competition and good markets all over the world do. Without competition, selling rates aren't that high.

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This  picture shows what might happen long term without competition. The prices get lower, and lower, until you have to stop selling them.

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Wages are more equal because the government is controlling them. This means there is more equality throughout the economy.

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Wages are more equal because the government is controlling them. This means there is more equality throughout the economy.

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this image shows two people with the same wage. The scale represents how much money they make.

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There are no private businesses because the government employs everyone and determines wages and jobs.

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There are no private businesses because the government employs everyone and determines wages and jobs.

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as you can see in the photo, the bigger figure (represents government) is controlling how the little figure (citizens) work. The citizen is holding a work brief case but the government controls how he works.