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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

Business Administration & Management

Mr. Bernstein

Notes, pp 63-65

Types of Economic-Political Systems

March 10, 2014


Business administration management mr bernstein

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 management mr bernstein1

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 management mr bernstein2

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 management mr bernstein3

Business Administration & ManagementMr. Bernstein

Modern China

“Mixed Command” Economy?


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