1. Traditional Economy
1.1. A system based on traditions and customs.
1.2. Pros: You inherit rights of production. Traditions are kept. Strong family connections.
1.3. Cons: Inheritance and job choice is dependent on what family one is born into. Strict rules. Little room for change, growth, and development.
1.4. This type of economy is not as prevalent but does exist in various parts of the world: Particularly in undeveloped parts.
2. Mixed Economy
2.1. A system which has both command and market economic components.
2.2. More and more countries are swaying toward this type of economy.
2.3. Pros: Mixed economies combine the best parts of command and market economies. These economies typically help the people with health benefits and such. The Government ensures fair practices. Labor guidelines are strictly enforced.
2.4. Cons: The Government has something to say in just about everything. Everything is taxed to an extent. Permits, licenses, exams, schooling, and healthcare costs to get ahead in life.
3. Market Economy
3.1. Consumers and producers are in charge of the market and set the prices accordingly. No government regulation.
3.1.1. Free Enterprise
3.1.2. Capitalism
3.1.3. Pros: The market is controlled by the people. The Government does not interfere with business. Consumers are free to get ahead by any and many means. There is room for growth and advancement through education, and business growth.
3.1.4. Cons: Little to no regulation. Labor practices are not enforced. There are not aide programs for less fortunate familes or individuals born into the "wrong" family.
4. Command Economy
4.1. A system in which the Government has complete control of the markets and production.
4.1.1. Communism
4.1.2. Socialism
4.1.3. Pros: The people are hypothetically taken care of. The Government ensures that goods are equally dispersed to prevent poverty and starvation hypothetically. The Government gives and takes away.
4.1.4. Cons: The Government does not necessarily use fair practices with their complete control. Many people suffer under communism because there is no freedom to any extent. Socialism takes all profits and disperses at the Government's discretion.