Econ

Command Economy

• An economic model based on private ownership and free markets.
• An economic system where the government controls production and distribution.
• A market-driven economy with minimal government intervention.
• An economic system where supply and demand dictate production.

What are the advantages of a command economy

• *efficient resource allocation

  *quick mobilization of resources,

  *reduced unemployment

  *guaranteed basic needs for citizens.

• *High levels of individual freedom*

• • *Slow decision-making processes

• *Increased income inequality

What are the disadvantages of a command economy

• * include inefficiency

  *lack of consumer choice,

  *government mismanagement

  • *stifled innovation

• *Rapid technological advancement

• *Efficient resource allocation

• *High levels of consumer choice

Traditional Economy

• An economic system based on government control.
• An economic system driven by technological innovation.
• An economic system focused solely on profit maximization.
• An economic system based on customs and traditions.

advantages of a traditional economy

• Rapid economic changes
• Stability, predictability, community cooperation, and resource sharing.
• High levels of competition
• Individualism and isolation

Disadvantages to a traditional economy

• High levels of technological advancement
• Strong market competition
• Abundant resources and wealth
• Limited innovation and adaptability, inefficiencies, lack of specialization, and insufficient incentives.

What is a free market economy ?

• A free market economy is controlled by a central authority.
• A free market economy relies on strict government regulations.
• A free market economy eliminates all forms of trade.
• A free market economy is an economic system characterized by voluntary exchanges and minimal government regulation.

Free market economy is based on ?

• Government control
• Fixed pricing
• Supply and demand
• Limited competition

Disadvantages to a free market economy ?

• Increased job security
• Income inequality, lack of public goods, monopolies, and market failures.
• Universal healthcare access
• Stable prices for all goods

What is a mixed economy?

• A mixed economy is solely based on government ownership.
• A mixed economy only allows for private businesses without regulation.
• A mixed economy is an economic system that relies entirely on barter.
• A mixed economy is an economic system that incorporates both private and public sectors.