Economic Systems

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Economic Systems

  1. 1. Economic Systems
  2. 2. Capitalism <ul><li>Individuals are free to own property </li></ul><ul><li>Individuals and companies are free to compete for their own economic gain </li></ul><ul><li>Free market forces determine the prices of goods and services </li></ul><ul><li>U.S. is based on this, however, </li></ul><ul><li>No society exits with true capitalism ideals </li></ul>
  3. 3. “Greed is Good”
  4. 4. Communism <ul><li>1. Government owns all resources </li></ul><ul><li>2. Government determines what should be produced </li></ul><ul><li>3. Individuals do not benefit directly from their work </li></ul><ul><li>4. “Classless” society </li></ul>
  5. 6. Socialism <ul><li>Government owns major enterprises, individuals own less critical businesses. </li></ul><ul><li>Developed due to social inequalities of capitalism (The rich get richer) </li></ul><ul><li>Citizens pay higher taxes in return for benefits such as health care and day care. </li></ul>
  6. 8. Market Economy (Mixed) <ul><li>Market forces (supply and demand) and some govn’t involment move the economy </li></ul><ul><li>No central body regulates the economy </li></ul><ul><li>Freedom of individual choice </li></ul>
  7. 9. <ul><li>http://videos.howstuffworks.com/hsw/17070-how-to-study-cultures-economic-systems-video.htm </li></ul>
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