Economic System

1. The United States of America is currently under a Mixed Economy System

2. Capitalism: an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

2.1. Pro: It promotes equality, provides freedom, promotes self-regulations, and provides a wider range of product and services.

2.2. Con: It has a tendency to create an economy more about consumption. It puts the needs of businesses over the needs of the people. People that aren't able to be productive are left behind.

3. Mixed Economies: an economic system that divides the world into two concepts; free-market economies for those that follow capitalism and command economies for those that adopted socialism and communism.

3.1. Pro: It limits the governments influence without completely eliminating it. It helps create more jobs within the community. It also provides more opportunities for businesses to thrive, One last major positive is that it allows for continued spending in places that free market economies tend to miss.

3.2. Con: Mixed economies have a tendency to have higher tax rate. It can bring poverty just as quickly as it can bring wealth.

4. It's important to have an economic system in place because it'd help improve living standards for society and makes it a better place to live.

5. Communism: an economic and political system in which the government makes almost all economic decisions and owns all the maker factors of production.

5.1. Pro: Communism provides all the basics needs to the people. It also allows for a safer and stronger country and doesn't limit privileges to people based on a class system.

5.2. Con: It restricts people their freedom of expression and most rights. When it comes tp government elections, the people have no choice on a preferred leader. While they get to vote, they are vote between candidates that are preselected.

6. Socialism: is an economic system base on the idea that some, if not most, basic business should be owned by the government in order for profits to be divided more evenly.

6.1. Pro: Provides social equality. The government takes money from the rich through taxes and redistributes it in back to the less fortunate throughout government programs.

6.2. Con: Due to the higher taxes of the wealthy. Many people, such as lawyers, doctors, and business owners who earn a lot of money decide to leave the socialist country to relocate to a capitalistic country.