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Understanding Major Economic Systems: Capitalism, Socialism, Communism

Learn about capitalism, socialism, and communism, including their characteristics, positives, and negatives. Understand how private ownership, government intervention, and resource distribution impact economies. Explore the benefits of innovation, responsibility, and ownership in capitalism, alongside challenges such as cheating, waste, and greed.

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Understanding Major Economic Systems: Capitalism, Socialism, Communism

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  1. Section 3 Major Economic Systems

  2. Economic Systems 1. Capitalism- private citizens own the factors of production without government involvement 2. Socialism- Government owns some of the basic resources, for redistribution to societies best interests 3. Communism- (present) All Resources are Government owned, government plans and Disburses everything including decisions for the economy

  3. Capitalism Positives 1. Lower Prices 2. Innovation 3. Profits 4. Tax Base 5. Ownership 6. Responsibility 7. Change of station in society

  4. NEGATIVES 1. Cheating 2. Deception/false advertising/Fraud 3. Dangerous short cuts 4. Caveat Emptor- let the buyer beware 5. Waste 6. Built in inefficiency- loss of quality a. vcr tapes, cars, computers 7. Excess or gluttony 8. Greed 9 Theft 10. Debt

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