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Section 3. Major Economic Systems. 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

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section 3

Section 3

Major Economic Systems

economic systems
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

capitalism
Capitalism

Positives

1. Lower Prices

2. Innovation

3. Profits

4. Tax Base

5. Ownership

6. Responsibility

7. Change of station in society

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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