Economic System
by Regina Doane
1. Capitalism
1.1. is the economic or political system where a country is trade and industry are controlled by private owners for private owners for profit rather than by the state
1.1.1. Pros
1.1.1.1. Little government role
1.1.1.1.1. Entrepreneur control
1.1.2. Cons
1.1.2.1. Socioeconomic Classes
1.1.2.1.1. Consumption Based
2. Socialism
2.1. is the economic or political system that advocates production, distribution, and exchange should be owned and regulated by the community as a whole.
2.1.1. Pro
2.1.1.1. Everyone access to education and healthcare
2.1.1.1.1. Balance in wealth & earnings
2.1.2. Con
2.1.2.1. Government majority full control
2.1.2.1.1. Higher taxes
3. Communism
3.1. is a society in which all property is publicly owned, and each person works and is paid to their abilities or needs.
3.1.1. Pros
3.1.1.1. No socioeconomic classes
3.1.1.1.1. equal access to health, food & education
3.1.2. Cons
3.1.2.1. Anti-Ambition
3.1.2.1.1. Fuels Poverty
4. Mixed Economy
4.1. is an economic system that combines private and public business. Germany is a country that uses the mixed economy system.
4.1.1. Pros
4.1.1.1. Distribution of control between government and business
4.1.1.1.1. Freedom to thrive
4.1.2. Cons
4.1.2.1. Finding balance between wealth equality and market freedom
4.1.2.1.1. Government role is a guessing game