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Traditional economies often grow over generations, relying on the same time-tested economic drivers that a community's forefathers employed centuries before, such as agriculture, fishing, hunting, and training.

-this demonstrates the farming

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Traditional economies rely on barter to do business. It can only happen between non-competing organizations.

-proves that they rely on natural products

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The majority of traditional economies just create what they require. There are rarely any leftovers or surpluses.

-traditional economies remove the need to create or trade money

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A traditional economy is one that does not run on the basis of profit.

-this proves that they dont work for profit

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Customers are willing to pay top money for the products they want the most. Businesses will only produce things that make them money.

-this shows that businesses will only manufacture products that profit them

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One of the reasons for its success is the United States Constitution. It includes provisions that promote and protect the market economy's six characteristics.

-these are the six market economy characteristics

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Self-interest, competition, markets, and pricing all play a role

-these are the four features that play a role

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The rules of supply and demand govern a market economy.

-the image below informs you on supply and demand

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There is no system in place to assist people who are already at a disadvantage in the marketplace.

-in the image you can see how it is to sell in a marketplace

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A market in which the majority of goods are owned by a single person and dispersed through market transactions.

-in the chart you can see the market interactions, trust and reciprocity

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Consumers compete for the greatest deals on the goods and services they want.

-this chart shows the Pandemic's Uneven Effect on Consumer Spending

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Individuals hold all of the resources.

-the guy is holding a chart showing stocks going up

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A market economy is more efficient than a conventional economy. In a conventional economy, there are few career options. From generation to generation, specific duties are passed down.

-in the image below, you can see the benefits of a market economy

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Characteristics of a Traditional Economy:

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Characteristics of a Traditional Economy:

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There is no one currency in a traditional economy. Instead, it relies on a barter and trading system. A traditional economy relies on the utilization of all items and services generated; nothing is thrown away in a traditional economy.

-In the image you can see  a barter and trading system, since thats what they use instead of a currency.

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The Maasai tribe of East Africa is a wonderful illustration of an early start of the traditional economy. Tribal elders there devised a tradition-based economic plan.

-In this image you can see the Maasai people who were indigenous people who lived essentially the same lifestyles generation after generation.

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A Traditional Economy is a system that is based on traditions, history, and long-held beliefs Economic decisions such as production and distribution are guided by tradition. Traditional economies rely on agriculture, fishing, hunting, gathering, or a mixture of these activities.

-examples of the agricultures that are relied on by the economy

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All important economic decisions are made by the government in a command economy. It has complete control over all means of production in a country. The government is in charge; the people are left alone.

-Government has complete control over all means of production in a country. ex. Raw materials, money, land

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In a free market economy, private enterprises must cut red tape as much as possible and keep operational and administrative costs low. The government is under no incentive to decrease expenses or simplify processes, therefore production under command economies is famously inefficient.

-This image represents the impact of cutting government spending

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Lack of Competition Inhibits Innovation:

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Lack of Competition Inhibits Innovation:

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They stifle innovation and prevent prices from stabilizing at an appropriate level for consumers in command economies. Many advances in health and technology have come from nations with free market economies in part because of this.

-this chart shows which countries are most in favor of the free market

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In a free market economy, profit motive drives most company choices; in a command economy, profit motivation is non-existent. As a result, a command economy government may modify products and services to promote the common good regardless of profit or loss.

-In this image you can see developed countries with free and/or universal health care

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Unlike the free market's invisible hand, which cannot be influenced by a single firm or individual, the government in a command economy may set salaries and job vacancies to achieve the unemployment rate and salary distribution it desires.

-This is the unemployment rate in April

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Low levels of inequality and unemployment, as well as the common good replacing profit as the major motivator for production, are all advantages of the command economy.

-The government controls production and prices

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What is produced, how it is produced, and how it is dispersed are all determined by the government.

-All workers are employed by the government, which sets their salary and job responsibilities unilaterally

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An economy where the means of production are controlled by a centralized government. When opposed to a free market economy, this offers both goodsides and downsides.

-a central authority that determines and controls everything