Economy Systems - Three types of economic systems

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Economy Systems - Three types of economic systems by Mind Map: Economy Systems - Three types of economic systems

1. Traditional Economy

1.1. Pros & Cons

1.1.1. Pros - Little or no friction between members

1.1.2. Cons- Vulnerable to changes in nature and weather patterns

2. Command Economy

2.1. Pros & Cons

2.1.1. Pros - Can manipulate large amounts of resources for large projects without lawsuits or environmental regulatory issues

2.1.2. Cons - Innovation is discouraged and leaders are rewarded for following orders rather than taking risks

3. Market Economy

3.1. Pros & Cons

3.1.1. Pros - Allows the free interplay of supply and demand

3.1.2. Cons - It has no system to care for those who are at an inherent disabilities (mental or Physical