1. Pros&Cons of Communism: n a true Communist structure, you are asked to contribute to the society as you are able. That means almost everyone is employed in some way. Increased employment can lead to lower crime rates, especially with a government structure which guarantees the basics of life will be provided. No role is greater than another, which reinforces the idea of true human equality. In a Communist structure, there is one overall entity which controls the message and agenda of the society. They have an absolute rule over the law and can even outlaw private ownership of any capitalistic items, such as currency or property. This absolute control is bolstered by the idea that only authorized opposition to new ideas, strategies, or work assignments may be allowed. If you don’t agree with the direction of society, you could be imprisoned or worse.
2. IMPORTANCE OF ECONOMIC SYSTEM: Economic growth can be considered among the most crucial indicators that are released. The reason why it's so important is that it indicates the growth in economic output, whether measured by GDP (gross domestic product), GVA (gross value added), or any other measure.
3. SOCIALISM: An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise, and in which cooperation rather than competition guides economic activity.
4. EXAMPLE OF SOCIALISM: Production is owned by the workers. They decide how to distribute among themselves. They would sell excess production on the free market. Alternatively, it could be turned over to society, which would distribute it according to the free market.
5. CAPITALISM: an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.
6. Pros&Cons of Capitalism: Economic freedom helps political freedom. If governments own the means of production and set prices, it invariably leads to a powerful state and creates a large bureaucracy which may extend into other areas of life. Monopoly power. Private ownership of capital enables firms to gain monopoly power in product and labour markets. Firms with monopoly power can exploit their position to charge higher prices.
7. COMMUNISM: is a political and economic system in which the major productive resources in a society—such as mines, factories, and farms—are owned by the public or the state, and wealth is divided among citizens equally or according to individual need.
8. EXAMPLE OF COMMUNISM: My friend was moving house, I did what I could for her and she gave me some stuff I needed. No friction of nationality, money or social class differences stopped us. Government not needed.
9. U.S. ECONOMIC SYSTEM: For the most part, the United States has a mixed economy. The most influential characteristic of the American economy is that of a free market, meaning there is substantial freedom to buy, sell, and produce in a competitive environment. But the US system also has elements of regulation, making it simultaneously characteristic of a command economy.
10. Pros&Cons of Socialism: Under socialism, workers are no longer exploited, since they own the means of production. All profits are spread equitably among all workers, according to his or her contribution. The cooperative system realizes that even those who can't work must have their basic needs met, for the good of the whole. The biggest disadvantage of socialism is that it relies on the cooperative nature of humans to work. It negates those within society who are competitive, not cooperative. Competitive people tend to seek ways to overthrow and disrupt society for their own gain.
11. EXAMPLE OF CAPITALISM: A capitalist society is one that supremely values 1) private property rights, 2) the enforcement of contracts, and 3) voluntary exchange. However, there are varying deviations from capitalism's purest form, most specifically when private property rights are eroded by governmental influence.
