Economic systems

Economic system based on private ownership of industries and businesses

• Free market economy

• Mixed Economy

• Command Economy

the ideal society envisioned by the Karl Marx where  everything is shared equally 

• Capitalism

• Communism

• Socialism

The role of the government is to not restrict/control the economy 

• Free market economy

• Mixed Economy

• Command Economy

prices and how much to produce is set by the law of supply and demand

• Free market economy

• Mixed Economy

• Command Economy

there is no private ownership - they have no influence over economic decisions 

• Free market economy

• Mixed Economy

• Command Economy

The government makes all economic decisions about investment, prices, wages, and production levels.  

• Free market economy

• Mixed Economy

• Command Economy

All industries/ businesses are owned by the government

• Free market economy

• Mixed Economy

• Command Economy

Mixed economy

• Capitalism

• Communism

• Socialism

the goal is to set up a classless society, where everyone is equal

• Free market economy

• Mixed Economy

• Command Economy

An economy that includes both government owned and privatized industries. 

• Free market economy

• Mixed Economy

• Command Economy