1. Socialism
1.1. advocating the means of production, distribution, and exchange should be owned and regulated by the community as a whole
1.2. Examples include the Soviet Union and Cuba.
1.3. Pros
1.3.1. Competition is more restricted
1.3.2. Has the greatest goal of common wealth
1.4. Cons
1.4.1. Restricted competition means smaller choice in goods and services
1.4.2. Taxes that you pay are higher.
2. Mixed Economy
2.1. combination of private and public enterprises
2.2. Example is the U.S. Economy. The U.S. economy is mostly capitalist but the governments operates some industries and regulates others
2.3. Pro
2.3.1. Monitors the monopolies
2.3.2. Shared control on owning,making, selling, and exchanging
2.4. Con
2.4.1. Leans more toward government control than freedom.
2.4.2. Government regulations can cost a business so much that they are put out of business
3. Capatalism
3.1. Economic system controlled by private owners for a profit rather than the state
3.2. Examples include China, capitalist and governed by monarchs, or oligarchs
3.3. Pros
3.3.1. The private owner controls what price they sell at.
3.3.2. Consumer choice which leads to competition, better products, and services.
3.4. Cons
3.4.1. Ignore negative externalizes from production that harm living conditions
3.4.2. Having a free market can they can under provide goods for positive externalizes such as health and education
4. Communism
4.1. Class war, properties are leading to being publicly owned, and each person is paid based upon skill set
4.2. Examples include North Korea, Vietnam, and is officially in 5 countries
4.3. Pros
4.3.1. Limited competition
4.4. Cons
4.4.1. You usually have no choice in your career and the government puts you where you are needed most
4.4.2. High prices
4.4.3. Limited supply