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The document outlines various economic systems including traditional, market, command, socialism, capitalism, and communism. It highlights key characteristics of each system, such as ownership, decision-making processes, and the role of government. Additionally, it discusses the implications of these systems on production, profit motives, and societal structure.

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burri.j
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2 views1 page

Add A Heading

The document outlines various economic systems including traditional, market, command, socialism, capitalism, and communism. It highlights key characteristics of each system, such as ownership, decision-making processes, and the role of government. Additionally, it discusses the implications of these systems on production, profit motives, and societal structure.

Uploaded by

burri.j
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

6 economic systems

and philosophies
traditional
market economy
economy
in a traditional economy the 3 basic
A market economy has no
economic questions are based on
goverment involvment, and
cultural and religious practices and
businesses and companies own
ideals
the ways of production
custom barter

subsistence

private property
command
economy
competition
In a command economy, the
profit motive
government makes all
economic decisions
government decides how to
answer the three economic
no competition
questions
government
owned

factory

socialism

Socialism is an economic and political system where the

capitalism
means of production, such as factories and resources, are
owned and controlled by the public or the state, rather than
by private individuals or corporations.
communism
Capitalism is an economic system characterized
Communism is a political and economic ideology
by private ownership of the means of production, that advocates for a classless society in which all
where individuals and businesses operate for property and resources are collectively owned and
profit In a capitalist economy the allocation of controlled by the state or the community as a
whole.
resources production

class strugle

profit motive equality

communal
economic ownership
planning collective
private ownership
property competition
stateless society

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