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comparing economic systems
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comparing economic systems
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4. Mixed
Advantages
- can give flexibility in economic choices
- can provide help for needy citizens
- can let voters make decisions
Disadvantages
- can cause higher taxes for social programs
- can lower quality of service
- can limit social services
- can make government less efficient
3. Market
Advantages
- individual freedom for everyone
- able to adjust to change gradually
- lack of government interference
- decentralized decision making
- incredible variety of goods and services
- higher degree of consumer satisfaction
Disadvantages
- rewards only productive resources; does not provide for people too young, too old, or too sick to work.
- does not to produce enough public goods such as defense, universal education, or health care
- workers and businesses face uncertainty as a result of competition and change.
Traditional Economy
1. Traditional
Advantages
- sets forth certain economic roles for all members of the community.
- stable, predictable, and continuous life
Disadvantages
- discourages new ideas and new ways of doing things
- stagnation and lack of progress
- lower standard of living
2. Command
Advantages
- capable of dramatic change in a short time
- many basic education, health and other public services available at little or no cost.
Disadvantages
- does not meet wants and needs of consumers
- lacks effective incentives to get people to work
- requires large bureaucracy, which consumes resources
- has little flexibility to deal with day-to-day changes
- lacks room for individual initiative
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