A command economy can be advantageous by eliminating unemployment but can also be a disadvantage by producing unnecessary products. A command economy is when the government owns all or most aspects of the economy. The go... More »

Examples of command economies include the former Soviet Union, China, North Korea and Cuba. One of the defining characteristics of this type of economy is the fact that all decisions relating to the economy are decided b... More »

Mixed economies essentially create a balancing act between the private sector and government: these economies allow governments the opportunity to step in to correct market failures, but sometimes draw criticism for enab... More »

The main of advantage of free trade is lower prices for consumers, while a disadvantage is that domestic firms often find it difficult to compete with large international firms. More »

Advantages of a traditional economy include knowing people's role in the economy and producing goods to help people survive; disadvantages include a lower standard of living and an increased vulnerability of all concerne... More »

According to the Houston Chronicle, advantages of a free market economy include freedom of innovation and the ability of customers to drive choices in addition to disadvantages such as the danger of the profit margin and... More »

The benefits of mercantilism include increased employment, the development of new technologies and products, and positive cultural exchanges as mercantilist nations seek new markets and raw material sources, whereas the ... More »