Economic Systems

1. A capitalist economy thrives off private ownership of land and business. Capitalism allows an open market for trade. It promotes freedom of choice the benefit to reap the benefits of your hard work. The United States is a good example of a capitalist economy. Everything is private or corporately owned, distribution and production.

1.1. Pros of the a capitalist economy are free market, freedom of speech, and the ability to work hard and reap the benefit of your hard work.

1.1.1. Cons of a capitalist, over production causing pollution. Also it can create a a bad proportion from rich to poor society's within the country.

2. In a communist economy all the resources are owned by the state or the public. All the wealth is evenly distributed to all of the citizens according to their needs.The needs or distribution is handled by the government. North Korean is a good example of a communist system. All wealth is given out equally according to need.

2.1. Pros of a communist economy are hard to find with all the bad examples in the world. One pro of a communist economy is what it is suppose to stand for. It should give everyone a level playing field. A communist society can bring together resources quickly because it has a centrally planned economy.

2.1.1. Cons of a Communist economy include, no free market, and not allowing supply and demand to determine the market.

3. A socialist economy system is characterized by social ownership and operation of the means of production that may take the form of independent cooperatives or direct public ownership wherein production is carried out directly for use. Sweden is an example of a socialist economy. Things like health care, and education are ran by the government.

3.1. Pros include social safety fro the people living under it. basic necessities are provided.

3.1.1. A con of a socialist economy would be no free market.

4. A mixed economy system uses all three of the other economic systems to a certain extent. It allows supply and demand to determine prices for a free market. It also protects private property. France is a good example of a mixed economy. All things are government, state, or privately owned; all those parties are in control of production and trade in the country.

4.1. Pros of a mixed economy include the ability to have a free market. Business is competitive and gives owners and business to work hard for success.

4.1.1. Additional taxes the government adds to products is a con of a mixed economy.

5. The United States is a capitalist Economy

5.1. Being a in a capitalist economic system the United States provides the opportunity for people to vote, own, and to have free speech. In this type of economic system it promotes private ownership, and incentive for individuals to work hard for their own profit. Under this economic system increased market efficiency and increased economic growth is proponent of this system.

6. The importance of an economic system

6.1. Economic system create structure for countries. Economic systems allow countries to Track their production, distribution, trade goods, and services. It also determines how the resources are divided up, how many jobs are available, as well as goods.