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Business Administration & Management. Mr. Bernstein Notes, pp 63-65 Types of Economic-Political Systems March 10, 2014. Business Administration & Management Mr. Bernstein. Capitalism AKA Free Enterprise or Market Economy Citizens are Free to Own Property of Their Choice

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Business Administration & Management

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Business Administration & Management

Mr. Bernstein

Notes, pp 63-65

Types of Economic-Political Systems

March 10, 2014


Business Administration & ManagementMr. Bernstein

Capitalism

AKA Free Enterprise or Market Economy

Citizens are Free to Own Property of Their Choice

Citizens are Free to Operate Business Ventures of Their Choice


Business Administration & ManagementMr. Bernstein

Socialism

Government Controls the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship)

“Mixed Economy” because some private ownership is allowed


Business Administration & ManagementMr. Bernstein

Communism

Government Controls Nearly All the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship)

“Command Economy”

Relatively Few Successful Nations


Business Administration & ManagementMr. Bernstein

Modern China

“Mixed Command” Economy?


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