The Mixed Economic System In The United States

The United States of America is considered a mixed economy. A mixed economy is a mixture of a free market and planned economic control. The Federal Government places regulatory restrictions on voluntary transactions. At different points in history different economic systems seam desirable at points. The advantages and disadvantages of economic systems are heavily studied by economists. The economic systems are: traditional, command, market and mixed.
A traditional economic system is when is when every new descendant preserves the economic situation of their parents and lineages. Customary markets depend on the notable victories of shared practices. One of the advantages of a traditional economic system is that the positions are clearly outlined.

An advantage of this economic system is the flexibility. When there is demand for a product, companies have the ability and capacity to develop the product, instead of engaging government process. A disadvantage is economy is that it does not always address the hardships of all people in this economy.
A command economy is a Communist economy where the government controls all economic interests. This economic system’s primary focus is equality for all people. There is an even playing field for people, where no one is wealthier than the other. A disadvantage of the command economic system is that freedom is lost. People in this economic system do not have the autonomy to choose their career and they do not have power over the merchandise that they receive.
A socialist economy is an economy which assists of all the people rather than specific sector of people. An advantage of Socialism is that the government owns the multitude of resources and sets the price for charging individuals. Individuals do not have to worry about extreme prices. A disadvantage of Socialism is that there is no incentive for development or competition; therefore, the economy would not