1. Traditional
1.1. relies on history, customs, and time-honored beliefs which includes production and distribution.
1.2. Advantages
1.2.1. Little to no friction between members
1.2.1.1. the comprehension of role and contribution
1.3. Examples
1.3.1. Latin America
1.3.1.1. Asia
1.3.1.1.1. the Middle East
1.4. Disadvantages
1.4.1. Isolation within the economy
1.4.1.1. Few choices offered
1.4.1.1.1. Lower quality of life
2. Command
2.1. an economy in which production, investment, prices, and incomes are determined centrally by a government
2.2. Advantages
2.2.1. Less Inequality
2.2.1.1. Low Unemployment Levels
2.2.1.1.1. Common Good vs Priority Profit
2.3. Disadvantages
2.3.1. Lack of Competition = low innovation
2.3.1.1. Inefficency
2.4. Examples:
2.4.1. Cuba
2.4.1.1. North Korea
2.4.1.1.1. Soviet Untion
3. Market
3.1. An economic system in which production and prices are determined by unrestricted competition between privately owned businesses
3.2. Advantages
3.2.1. Sufficient amount of products
3.2.1.1. motivation from merchandisers
3.2.1.1.1. less shortage and surplus of products
3.3. Disadvantages
3.3.1. inferior products
3.3.1.1. non beneficial for workers and the enviornment
3.3.1.1.1. skyrocketing of prices of commodity
4. Mixed
4.1. an economic system combining private and public enterprise
4.2. Advantages
4.2.1. freedom to hire, fire, buy, and sell in businesses
4.2.1.1. various restrictions
4.2.1.1.1. ensure that the standard of living is a whole
4.3. Disadvantages
4.3.1. government control
4.3.1.1. associated with social democratic parties run by social democratic governments
4.3.1.1.1. Similar to capitalism
4.4. Examples of a Mixed Economy
4.4.1. United States
4.4.1.1. Russia
4.4.1.1.1. China