The Three Economies

The Traditional Economy

Advantages

• High exporting/importing rates
• Leading Agricultural Exporters
• Freedom to only produce if one gains
• Production based on command
• Obtain resources through inheritance

Disadvantages

• Dependent on foreign investments
• Inner political disputes
• Growing population
• Mixed levels of foreign investments

My Lifestyle

• Reliant on inheritance
• Purchase goods as you please
• Constant changes based on inventments
• Political Disputes

Command Economy

Advantages

• Assured Employment
• Free Housing and Health Care
• Equality Among All
• Free Education

Disadvantages

• Government owns everything
• Consumer has no control
• Inefficient distribution
• Private Property can be taken to distribute among citizens
• No inheritance
• Lack of innovation

My Lifestyles

• Home and Education provided for you
• No freedom to purchase as you please
• Lack of transition to new and better things
• Property can be taken away by the government

Market Economy

Advantages

• Private Property (encourages investing and you don't fear seizure of property)
• Free to purchase
• Self interest (the economy benefits from happy people)
• Competition (spreads economic power)
• Based on a system of supply and demand
• Limited Government

Disadvantages

• Uneven distribution of wealth
• Greater power to the upper class
• Economic uncertainty
• High Unemployment rates

My Lifestyle

• Freedom to work and purchase
• Possibility/fear of unemployment
• Fear of loss due to an economic drop