Economic Systems

Also called a free market or market economy

• Capitalism

• Communism

• Socialism

Regular people decide what will be produced, how much will be produced and the prices of goods

• Capitalism

• Communism

• Socialism

Competition between businesses attract customers

• Capitalism

• Communism

• Socialism

Rewards for better preformance

• Capitalism

• Communism

• Socialism

Influenced by laws of supply and demand

• Capitalism

• Communism

• Socialism

Pure form of this economic system has government take no part in the economy

• Capitalism

• Communism

• Socialism

Also called a planned economy

• Capitalism

• Communism

• Socialism

Government decides what will be produced, how much to produce and what prices are charged for goods and services

• Capitalism

• Communism

• Socialism

Regular people are not allowed to own property or businesses

• Capitalism

• Communism

• Socialism

Government provides for everyone's needs, with the goal of everyone coming out equally wealthy

• Capitalism

• Communism

• Socialism