1. Communism:
1.1. Definition: an economic system where the government has control over the economy
1.2. Example: North Korea
1.3. Benefits
1.3.1. Social Equality IF controlled by proper leadership
1.4. Cons
1.4.1. Too much government involvement
1.4.1.1. Government choices people's jobs
1.4.1.2. Government choices where, and when you live in what town
1.4.1.3. Government controls what you believe and worship
1.4.2. No Supply and Demand
1.4.2.1. Shortages on Food and Clothing
1.4.3. No entrepreneurship = no growth
2. Mixed Economy
2.1. Example: United States
2.2. Definition: an economy run off of one or more economic ideas like; Capitalism, Socialism and or Communism
2.3. Benefits
2.3.1. The combination of ideas creates an economy that has a balance of growth and regulation to benefit the society
2.4. Cons
2.4.1. Most of the Economic Sytems used have contradictory ideology so the country has to determine which system it prefers more in order to succed
3. WHY IS IT IMPORTANT TO HAVE AN ECONOMY???
3.1. It is very important to have an economy to keep business professionals and aspiring business professionals inspired, fueled and driven to create growth and capital for their country. Finding that balance between freedom and regulation is what will create stability and extend the longevity of a country.
4. Capitalism
4.1. Definition: an economy with absolutely no government control or regulation. Everything is owned by an individual and it is up to business people to determine how much, how often and where it is produced.
4.2. Example: Hong Kong
4.3. Benefits
4.3.1. Private Property Rights
4.3.2. Enforcement of Contracts
4.3.3. Voluntary exchange/invisible hand
4.3.4. Promotes work ethic/ Drives competition
4.4. Cons
4.4.1. Absolutely no government regulation
4.4.1.1. Consumers at risk
4.4.2. Greed
4.4.2.1. Unequal job opportunities: CEO makes too much, laborers make close to nothing.
4.4.2.2. Take out middle class
5. Socialism
5.1. Definition: an economy where the government controls major industries, but believes in the benefits of small business for smaller industries and taxes majority of all profits made to contribute to social programs. Government should handle distribution, and to be more involving in protecting the environment and providing for the poor.
5.2. Example: Canada
5.3. Benefits
5.3.1. Excellent Social Programs
5.3.1.1. Free Education
5.3.1.2. Free Healthcare
5.3.1.3. Free Childcare
5.3.2. Social Equality
5.3.3. Good Benefits with Work
5.3.3.1. Longer Vacation Time
5.3.3.2. Fewer weekly hours
5.3.3.3. Generous Sick Leave
5.4. Cons
5.4.1. Lack of motivation for entrepreneurs - no personal gain
5.4.2. Brain Drain