1. TRADITIONAL
1.1. ECONOMIC SYSTEM IS DRIVEN BY TRADITIONS, BELIEFS AND CUSTOMS
1.1.1. A YOUNG CHILDS PATH FOR LIFE, CAREER, NARRIAGE ETC. IS USUALLY PLANNED OUT FOR THEM BEFORE THEY REACH ADULTHOOD
1.1.2. EXAMPLE: FOLLOWING THE WAYS OF THEIR ANCESTORS, TRIBES, CLANS AND INDIGEONUS PEOPLE BELIEVE THEY SHOULD NOT QUESTION THE WAYS OF THEIR PAST ANCESTORS.
1.1.2.1. CHARACTERISTICS:
1.1.2.1.1. THEY DO NOT USE CURRANCY, ONLY A BARTER SYSTEM IS IN PLACE
1.1.2.1.2. A TRADITIONAL ECONOMY IS CENTERED AROUND A FAMILY OR TRIBE
1.1.2.1.3. SMALL RURAL POPULATIONS THAT HUNT AND FARM
1.1.3. PROS:
1.1.3.1. MINIMAL WASTE
1.1.3.2. TRADITION AND CUSTOMS ARE PRESERVED
1.1.3.3. SPECIFIC AND PRONOUNCED ROLES
1.1.3.4. SOCIALLY SATISFIED
1.2. CONS:
1.2.1. DO NOT ENJOY THINGS OTHER ECONOMIES TAKE FOR GRANTED: WESTERN MEDICINE, UTILITIES, TECHNOLOGY, ETC.
1.2.1.1. DO NOT PROFIT OFF THEIR RESOURCES
1.2.1.1.1. NO SURPLUS
2. MARKET
2.1. ECONOMIC SYSTEM IS DRIVEN BY A CONSUMER BASED "SUPPLY AND DEMAND"
2.1.1. SINGAPORE, HONG KONG
2.1.1.1. CHARACTERISTICS:
2.1.1.1.1. RESOURCES ARE OWNED AND CONTROLED BY INDIVIDUALS
2.1.1.1.2. ECONOMIC DECISIONS ARE MADE BY "SUPPLY AND DEMAND"
2.1.1.1.3. PROFIT IS THE MOTIVATOR THAT INCREASES WORK
2.1.2. PROS:
2.1.2.1. INCENTIVES TO WORK
2.1.2.2. PRIVATE OWNERSHIP OF PROPERTY
2.1.2.2.1. QUICKLY ADAPTS TO CHANGE
2.1.2.3. FREEDOM OF CHOICE
2.2. CONS:
2.2.1. ONLY PRODUCE PROFITABLE PRODUCTS
2.2.1.1. UNEQUAL DISTRIBUTION OF RESOURCES
2.2.1.1.1. POVERTY WILL EXIST
3. THE UNITED STATES IS PRIMARILY A FREE MARKET ECONOMY BUT IS CONSIDERED A MIXED DUE TO SOME GOVERNMENT INVOLVEMENT
4. COMMAND
4.1. ECONOMIC SYSTEM IS RUN BY THE GOVERNMENT ONLY AND CHOICE IS NOT PART OF THE EQUATION
4.1.1. NORTH KOREA ARE COMMAND ECONOMY COUNTRIES
4.1.2. EXAMPLE: A COMMAND RAN COUNTRY WILL SACRIFICE WHAT THEY THINK IS UNNECESSARY NEEDS OF THE COUNTRY TO PRODUCE EXCESS WEAPONS FOR THE PROTECTION OF THEIR COUNTRY
4.1.2.1. CHARACTERISTICS:
4.1.2.1.1. ALL DECISIONS ARE MADE BY THE GOVERNMENT
4.1.2.1.2. MOST COMMAND ECONOMIES FOCUS ON THE MOST VALUABLE RESOURCE LIKE OIL
4.1.2.1.3. GOVERNMENT OWNS ALL THE CRITICAL INDUSTRIES LIKE UTILITIES, RAILROAD AND AVIATION
4.1.3. PROS:
4.1.3.1. CAN MOBILIZE RESOURCES AT A MASSIVE SCALE
4.1.3.2. CAN FOCUS ON THE GOOD OF THE SOCIETY RATHER THAN AN INDIVIDUAL
4.1.3.2.1. NO COMPETITION BETWEEN BUSINESSES
4.1.3.3. MORE EFFICIENT USE OF RESOURCES
4.2. CONS:
4.2.1. HARD FOR CENTRAL PLANNERS TO PROVIDE FOR EVERYONE'S NEEDS
4.2.1.1. WORKERS ARE FORCED TO TAKE JOBS THAT THE GOVERNMENT SEES FIT
4.2.1.1.1. BUSINESSES ARE NOT FOR PROFIT
4.2.1.1.2. LACK OF INNOVATION
5. MIXED
5.1. ECONOMIC SYSTEM IS MIXED WITH MARKET AND COMMAND WHERE THERE IS EQUAL ROLES IN DECISION MAKING
5.1.1. UNITED STATES AND CHINA
5.1.2. GOVERNMENT WILL CONTROL ENTITIES LIKE HEALTHCARE AND WELFARE PROGRAMS
5.1.2.1. CHARACTERISTICS:
5.1.2.1.1. BOTH PRIVATE COMPANIES AND GOVERNMENT OWNED ENTITIES.
5.1.2.1.2. BOTH HAVE EQUAL PARTS IN THE MAKING, SELLING AND DISTRIBUTION OF SERVICES AND GOODS
5.1.2.1.3. GOVERNMENT CAN CONTROL SOME PARTS OF BUT NOT ALL OF THE ECONOMY
5.1.3. PROS:
5.1.3.1. GOVERNMENT ASSISTANCE
5.1.3.2. EQUALITY
5.1.3.3. CONSUMER CHOICE
5.2. CONS:
5.2.1. POTENTIAL FOR MONOPOLIES
5.2.1.1. WORK INCENTIVES ARE LOW
5.2.1.1.1. GOVERNMENT REGULATIONS