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A command economy also ignores the customs that guide a traditional economy.

( this picture is signaling that traditional and command economy might not see eye to eye.)

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state of affairs in which all people within a specific society or isolated group have the same status in certain respects, including civil rights, freedom of speech, property rights and equal access to certain social goods and services.

( for a command economy to work there has be a balance.)

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Decisions made by the government

There is freedom but most decisions are made my the government

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Economic regulation” refers to rules that limit who can enter a business (entry controls) and what prices they may charge (price controls). The government creates laws, regulations, and directives to enforce the central plan.

( there has to be rules in the economy so it works smoothly)

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A market structure characterized by a single seller, selling a unique product in the market.

(Burger King is a monopoly business meaning its not affected by these restaraunts.)

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Goods are items that are usually tangible, such as pens, books, salt, apples, and hats. In this economy the goverment would control them.

( all these things in the picture are goods.)

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Allocation of resources, goods and services is determined by the government

is referring that all resources all controlled and placed by the governmnet.)

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An economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.

(All the businesses that follow CEP all go to the same Boss.)

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Technology is limited to simple tools such as plows and hand axe.

( becuase the amish live in a traditional economy they do not use computers, phone, electricity, etc....)

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Methods for farming, hunting, and gathering change little from generation to generation.

(It might not be culture but the tradition of farming, hunting, gathering,etc... is passed on generation by generation.)

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Trade only takes place between groups that do not compete. For example, a hunting tribe might trade some of its meat for vegetables grown by a farming tribe.

( they might not use advanced technology as shown in the picture. but they do trade objects with each other for necessity.)

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They are more likely to have a surplus, such as a bumper crop, that they use for trade. When that happens, the groups create some form of money. That facilitates trading over long distances.

(even thought they are living in a traditional economy they have to evolve in some ways .

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It can only occur between groups that don't compete.

For example, a tribe that relies on hunting exchanges food with a group that relies on fishing. Because they just trade meat for fish, there is no need for cumbersome currency.

(this is how people who rely on traditional economy get there food, materials, necessities, clothes, etc...)

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There is rarely surplus or leftovers. That makes it unnecessary to trade or create money.

( this picture is displaying dollar bills with a slash, meaning the people who live in traditional economy usually make no extras meaning no need in money.)

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These societies cover vast areas to find enough food to support them. They follow the herds of animals that sustain them, migrating with the seasons.

( this is a home cooked amish meal.)

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They use traditions gained from the elders' experiences to guide day-to-day life and economic decisions.

( these are amish people who usually stay with there family or village

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Technology, for economists, is anything that helps us produce things faster, better or cheaper.

( This picture is displaying how much technology affects the economy.)

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The process of making a trading system more effective by adjusting the variables used for technical analysis.

( This picture describes how businesses try to make the experience better for the customers.)

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The role of government is to ensure that the markets are open and working. For example, it is in charge of national defense to protect the markets. It also makes sure that everyone has equal access to the markets. The government penalizes monopolies that restrict competition. It makes sure no one is manipulating the markets and that everyone has equal access to information.

( The way they keep limited government working well is by separating the power into 3 branches.)

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A market economy relies on an efficient market in which to sell goods and services. That's where all buyers and sellers have equal access to the same information. Price changes are pure reflections of the laws of supply and demand. There are five determinants of demand: product price, buyer's income, prices of related goods, consumer taste, buyer's expectations.

(This picture is showing that the price for these things only are expensive because of the popularity or need.)

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The force of competitive pressure keeps prices low. It also ensures that society provides goods and services most efficiently. As soon as demand increases for a particular item, prices rise thanks to the law of demand. Competitors see they can enhance their profit by producing it, adding to supply. That lowers prices to a level where only the best competitors remain. This competitive pressure also applies to workers and consumers. Employees vie with each other for the highest-paying jobs. Buyers compete for the best product at the lowest price.

(this picture displays competition between bussinesses over customers, popularity, and best prices.)

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Everyone sells their wares to the highest bidder while negotiating the lowest price for their purchases. Although the reason is selfish, it benefits the economy over the long run. This auction system sets prices for goods and services that reflect their market value. It gives an accurate picture of supply and demand at any given moment.

( this picture is describing that self interest is only benefiting you.)

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Owners are free to produce, sell, and purchase goods and services in a competitive market. They only have two constraints. First is the price at which they are willing to buy or sell. Second is the amount of capital they have.

( This picture is showing a sign saying you have a choice when it comes to freedom of choice in market economy.)

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Most goods and services are privately-owned. The owners can make legally binding contracts to buy, sell, or lease their property. Their assets give them the right to profit from ownership. There are some assets U.S. law excludes. Since 1865, for example, you cannot legally buy and sell human beings.

(This is a house gate with this sign. Meaning you cannot enter even if you are a government official you have to have a legal document to enter or it is trespassing.)