Economy Systems - Three types of economic systems
by Edmund Dickens
1. Market Economy
1.1. Pros & Cons
1.1.1. Pros - Allows the free interplay of supply and demand
1.1.2. Cons - It has no system to care for those who are at an inherent disabilities (mental or Physical
2. Traditional Economy
2.1. Pros & Cons
2.1.1. Pros - Little or no friction between members
2.1.2. Cons- Vulnerable to changes in nature and weather patterns
3. Command Economy
3.1. Pros & Cons
3.1.1. Pros - Can manipulate large amounts of resources for large projects without lawsuits or environmental regulatory issues
3.1.2. Cons - Innovation is discouraged and leaders are rewarded for following orders rather than taking risks