Government controls everything, including prices, wages, and products.
Pros: Provides services and goods to everyone cheaply.
Cons: No incentive to find better ways to do things or make new products.
Traditional Economy
A unit (Usually a family) makes products and resources for itself and consumes them and/or trades them with other units.
Pros: Products are provided to everyone.
Cons: Very little chance of new trades and products being developed because you usually become whatever your family specializes in.
Market Economy
The government does not intervene in trades and allows the people to run the economy.
Pros: Very high incentives.
Cons: Does not provide products to everyone.
Mixed Economy
A mix of everything above.
Pros: Incentives, products provided to everyone.
Cons: -
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