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Transcript of Economic Systems
(Also known as Capitalism or Free Market) Communist Economy The Basics:
-freely buy/sell for a profit
-own property Motivator:
profit (even if there is a risk) Location:
developed countries like the US, Japan, Germany, UK, Canada Motivator:
survival The Basics:
-make goods for trading
-farm crops for family Location:
poor, developing countries like Bushmen of South Africa or the Berber tribesmen of North Africa Motivator:
(fear!) The Basics:
-gov't sets prices, locations, and products
-no private property Location:
the 4 "communist "countries - China, North Korea, Vietnam, and Cuba Socialist Economy The Basics
the gov't owns/operates basic industries, others are privately owned Motivator:
-fairer distribution of income because basic needs are free/cheap
-end to poverty Location:
Sweden and some other Euro countries, Israel, Ghana, Canada Mixed Economy The basics:
a blend of each of the economies Motivator:
deciding how actively the gov't is involved in the economy Location:
almost every country in the world