Advantages and Disadvantages of Economic Systems
Mixed
Ad: Assistance provided for those who might have been left out
Command
Ad: Basic eduaction, health care, and other public services are available at little to no cost
Market
Ad: Can gradually adjust to change
Market
Ad: Decentralized decision making
Market
Ad: High degree of consumer satisfaction
Mixed
Ad: Ideally benefits are shared
Mixed
Ad: If democratic, can elect and answer questions
Market
Ad: Incredible variety of goods and services
Market
Ad: Individual freedom for everyone
Market
Ad: Lack of government interference
Mixed
Ad: More services provided
Command
Ad: change is dramatic in a short amount of time
Traditional
Advantage: All community members have certain economic roles
Traditional
Advantage: Everyone is provided for
Traditional
Advantage: Stable, predictable, and continuous life
Command
Dis: Consumer needs and wants not met
Mixed
Dis: High taxes
Command
Dis: Individuals lack room for initiative
Command
Dis: Large bureaucracy required, consuming resources
Command
Dis: No effective incentive to get people working
Market
Dis: Not enough public goods produced, ie defense, universal education, health care
Command
Dis: Not flexible to deal with day to day changes
Market
Dis: Rewards only productive resources, not poor or sick or young
Mixed
Dis: Services limited/ quality deteriorates over time
Mixed
Dis: Very inefficient
Market
Dis: Workers and businesses face uncertainty as a result of competition and change
Command
Dis: Workers strive for quantity over quality
Traditional
Disadvantage: Standard of living lower
Traditional
Disadvantage: discourages new ideas and ways of "living life"
Traditional
Disadvantage: stagnation and lack of progress (especially industrially)