Economic Systems-World Culture Notebook

Command

• *Government Controls

  *Communist

  
  

• *Most economic systems today

  *Free Trade

  *Competition

  *U.S.

  
  

• *50/50 split

  *½ government control

  *½ private ownership

  *Social-ism

  
  

• *Few pure exist

  *Mixed economy

  *Combine traditional, market, and command

  *Communist

  *Socialist

  *Capitalist

Market

• *Government Controls

  *Communist

  
  

• *Most economic systems today

  *Free Trade

  *Competition

  *U.S.

  
  

• *50/50 split

  *½ government control

  *½ private ownership

  *Social-ism

  
  

• *Few pure exist

  *Mixed economy

  *Combine traditional, market, and command

  *Communist

  *Socialist

  *Capitalist

Mixed

• *Government Controls

  *Communist

  
  

• *Most economic systems today

  *Free Trade

  *Competition

  *U.S.

  
  

• *50/50 split

  *½ government control

  *½ private ownership

  *Social-ism

  
  

• *Few pure exist

  *Mixed economy

  *Combine traditional, market, and command

  *Communist

  *Socialist

  *Capitalist

Modern

• *Government Controls

  *Communist

  
  

• *Most economic systems today

  *Free Trade

  *Competition

  *U.S.

  
  

• *50/50 split

  *½ government control

  *½ private ownership

  *Social-ism

  
  

• *Few pure exist

  *Mixed economy

  *Combine traditional, market, and command

  *Communist

  *Socialist

  *Capitalist

Communist

• *Closely related to Command

  *Govt. Owns all factors of production

  *No private ownership

  *Little to no political freedom

  
  

• Closely related to Market

  *Individuals and businesses own Factors of Production

  *Consumers buy goods and services

  *Consumers create competition in the market

  *Can be called Free Enterprise

  
  

• *U.S.

  *Canada

  *Taiwan

  *Govt. Plays a limited role in health and safety

  
  

• *U.S. Capitalism called Free Enterprise

  *Citizens have freedoms

  
  

  ***Freedoms:

  *Exchange goods and services

  *Choose Careers

  *Own businesses

  *Make $

  *Obey Laws

  
  

Capitalist

• *Closely related to Command

  *Govt. Owns all factors of production

  *No private ownership

  *Little to no political freedom

  
  

• Closely related to Market

  *Individuals and businesses own Factors of Production

  *Consumers buy goods and services

  *Consumers create competition in the market

  *Can be called Free Enterprise

  
  

• *U.S.

  *Canada

  *Taiwan

  *Govt. Plays a limited role in health and safety

  
  

• *U.S. Capitalism called Free Enterprise

  *Citizens have freedoms

  
  

  ***Freedoms:

  *Exchange goods and services

  *Choose Careers

  *Own businesses

  *Make $

  *Obey Laws

  
  

Modern Capitalist

• *Closely related to Command

  *Govt. Owns all factors of production

  *No private ownership

  *Little to no political freedom

  
  

• Closely related to Market

  *Individuals and businesses own Factors of Production

  *Consumers buy goods and services

  *Consumers create competition in the market

  *Can be called Free Enterprise

  
  

• *U.S.

  *Canada

  *Taiwan

  *Govt. Plays a limited role in health and safety

  
  

• *U.S. Capitalism called Free Enterprise

  *Citizens have freedoms

  
  

  ***Freedoms:

  *Exchange goods and services

  *Choose Careers

  *Own businesses

  *Make $

  *Obey Laws

  
  

Free Enterprise

• *Closely related to Command

  *Govt. Owns all factors of production

  *No private ownership

  *Little to no political freedom

  
  

• Closely related to Market

  *Individuals and businesses own Factors of Production

  *Consumers buy goods and services

  *Consumers create competition in the market

  *Can be called Free Enterprise

  
  

• *U.S.

  *Canada

  *Taiwan

  *Govt. Plays a limited role in health and safety

  
  

• *U.S. Capitalism called Free Enterprise

  *Citizens have freedoms

  
  

  ***Freedoms:

  *Exchange goods and services

  *Choose Careers

  *Own businesses

  *Make $

  *Obey Laws