1. Communism
1.1. An economic system where government plans & controls the economy in a single by holding all the power
1.1.1. Pros
1.1.1.1. Cons
1.1.1.2. Government has limited freedom, working incentives aren't available, technology doesn't develop, & economic aren't efficient
1.1.2. Jobs, place to live, basic food, basic necessities, & education is widespread
1.2. Example is where individual people aren't allow to own property or industries & all classes are treated equally
2. Socialism
2.1. An economic system which is a political way of thinking.
2.1.1. Pros
2.1.1.1. Cons
2.1.1.2. They can't act fast on new technology, invisible hand market place, individuals have less incentives at work, & more taxes are taken out by the government
2.1.2. Fair to provide basic needs like medical care, makes the political democracy work better, & gives the citizens more control over their lives
2.2. Example where people have equal rights to benefits like health, education there is limit to inequalities of wealth & power
2.2.1. An economic system in which means of production of goods and services are privately owned & operate for a profit
2.2.1.1. Pros
2.2.1.1.1. Cons
2.2.1.1.2. Exploits people who can't compete, uneven distribution of wealth, & create a money oriented society
2.2.1.2. Competition to provide goods and services at a low cost, rewards hard work, allows the building of wealth and professions, & consumers regulate the market
2.2.1.3. The United States operates under the capitalism economic system in which you have the right to choice and decided but also you have to pay for health care and you can still have competition for businesses
3. Capitalism
3.1. Example individuals work hard to earn their money & keep it to themselves so there can be extreme of rich & poor
4. Mixed
4.1. An economic system in which there are both free market & command economic practices
4.1.1. Pros
4.1.1.1. Cons
4.1.1.2. Heavy taxes reduce incentives to work hard or make profits, less efficient than private sector, excessive control over business activity can add costs and discourage enterprise
4.1.2. State provides the essential services, private sector encourage for profits, competition keeps prices low, consumer choice, & inefficient business behavior controlled