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Economic systems

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Economic systems

  1. 1. Economic Systems <br />Chapter 7<br />
  2. 2. Capitalism (Market Economy or Laissez-Faire, free enterprise)<br />Capitalism-economic system in which the means of production are privately owned and operated for profit<br />Businesses are privately owned<br />Little to no government involvement<br />Supply and demand determine prices <br />
  3. 3. Capitalism continued<br />Example:<br />If you own a shoe store, you determine the price of your shoes based on the cost to you and how much people are willing to pay. If people are willing to pay a lot for your shoes, you make a profit, if not, you could lose your business. <br />
  4. 4. Socialism (Planned Economy)<br />Socialism- system in which the people as a whole rather than private individuals own all property and operate all businesses.<br />Some government control <br />Some businesses are privately owned, but utilities and production is owned by the government<br />Pay more in taxes, but people receive more benefits from the government such as education, health care, etc. <br />
  5. 5. Socialism continued <br />Grew out of Enlightenment ideas and the focus is on the good of society <br />Believe that capitalism creates a gap between the rich and the poor<br />Many European countries have a socialist economic system<br />
  6. 6. Mixed Economy<br />Mixed economy- economic system with both private and state-run enterprises<br />A “mix” between capitalism and socialism<br />Some say the US really has a mixed economy since our government does own some businesses<br />Example: post office, city of Wichita (water)<br />
  7. 7. Communism (command economy)<br />Communism- form of socialism in which there is no class system and all businesses are controlled by the government <br />Complete government control of businesses <br />Also, often repress people’s individual rights <br />Never existed in it’s true form<br />
  8. 8. Communism continued <br />Examples<br />Russia (not today)<br />China <br />Usually referred to as a “one-party” system <br />