A first type of economy system is traditional economic
system. Traditional economic system is a system that related to traditions,
customs, history and time honoured beliefs help shape the goods and services,
as well as the rules and manner of their distribution. It usually not capable
of generating the same amount of output that the other types of economies
produces. And it usually depends on the agriculture field.

     Besides that,
command economic system is the next economic system. For this economic system,
the government controls the large part of the economy activities. And it also known
as planned economic system because most of the production decisions will be
made by the government and there is no any of free market in this system.

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     Furthermore,
the following economic system is market economic system. This system relies on
the free markets and it does not allow any kind of government involvement in
the economy. For this system, the entire of this system is regulated by the authority
people and the laws of supply and demand, the government does not control any
relevant economic segments.

     Lastly, the
mixed economic system is the also one of the economy system. For this system,
it is a combination of the market economic system and the command economic
system. Most of the industries that involved in this system are privately owned
whereas a small number of public utilities and the services will still remain
in government controls. This mixed economic system can neither the private nor
the government sector alone can maintain the economy, they both play a critical
part in the success of this system.

     Every economic
system have its own advantages and disadvantages. The first economic system
that I wanted to share is the traditional economic system. I will talk about
the advantages then only follow by the disadvantages. Traditional economic
system, everyone knows that they contribute towards the production, such as
farmers, hunters and also wearer. For this economic system, there is some
little friction between their society members because the traditional and
customs dictate the distribution of the resources but the society members
understand that what are they likely to receive. Besides that, this system has
its own disadvantages. They limit population of growth because that they are
vulnerable to the market economies and the command economies because this
society consume the traditional economies natural resources depends on the wage
war.

     The next
economic system is command economic system. Command economic system does have
its own advantages also. The resources in this economic system are quickly and
effectively mobilized on a large scale. And its industrial power is create and
massive projects complete while attaining the imperative social goals. Not only
these, command economic system is able to transform the society to conform to
the government’s vision for the society or even to the country. However, this
economic system have its disadvantages also. This will cause the black market
explodes in a command economic system. And it due to the government restrictions,
goods and the services are not offered in this economy so that they started to
be offered in the black market. Besides that, sometimes the amount of the goods
that produced are not balanced. This is because sometimes one product will be
mass produce so that another will not have enough to support the economic
needs. Sometimes the exporting goods will be problematic because they have difficulty
for the controlling entity to determine which products and prices will be most
successful within the market.

     Furthermore,
the advantages for the market economic system are the competition will leads to
the efficiency. This is because the businesses that have fewer costs are more
competitive and it makes more money. Besides that, some businesses they try to
differentiate themselves so they let a large variety of goods and services available
in the market. However, market economic system has its disadvantages also. The
health and safety cost money so that they love to reduce the profits and this
cause the poor working conditions. The poor working conditions can result due
to the lack of government regulations.

     Last but not
least, the next economic system is mixed economic system. For this system, it
has the power to creates a balance in regional developments because of the planning
commission of a country will be able to create policies for the improvements of
every region. And not only that, the government would also try to develop each
sector of the population. The next disadvantages is it creates a quick economic
development. In mixed economic system, the economic development will be quicker
is because both the public and the private sectors can operate equally. So, after
listing the goods of this economic system, we can now going to talk about its
disadvantages. Mixed economic system will brings about the fear of
nationalization. Because of the government have the ability to own and
nationalize any industry while the private and public sectors coexists.

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