Question

Compare Traditional, Command, Market and Mixed Economies; What are each systems advantages and disadvantages

Answer 1

Traditional Economy:
Advantages:

Preservation of cultural and societal traditions.
Strong sense of community and social cohesion.
Sustainable use of resources.
Disadvantages:

Limited economic growth and innovation.
Lack of individual freedom and limited opportunities for social mobility.
Vulnerability to external shocks and changes in the environment.