Economic System

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Economic System by Mind Map: Economic System

1. Socialism

1.1. Pro

1.1.1. Workers get longer vacations, fewer hours a week, more employee benefits, more maternity leave, and benefits.

1.1.1.1. The government takes taxes from wealthy and redistributes for less fortunate in the means of free education through college, free health care, and free childcare.

1.1.1.1.1. The greatest positive is social equality. The system eliminates poverty and no one is discriminated against.

1.1.1.2. ` People in a socialist economy work where they are good at and enjoys. If society needs a job did that is undesirable it will offer high compensation to make it worth it. Natural resources are preserved for the good of the whole.

1.1.1.2.1. CONS

2. Communism

2.1. PRO

2.1.1. In a communist economy can build things quickly, for example, Russia built up a military to defeat the Nazis and then quickly rebuilt the economy after World War II.

2.1.1.1. Communism, according to Nickels, McHugh, & McHugh, is, "an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production (2013)".

2.1.1.1.1. CON

2.1.1.2. Communistic economies move fast to achieve imperative social goals.

3. Five-year plans for the national economy of the Soviet Union The five-year plans for the development of the national economy of the Union of Soviet Socialist Republics consisted of a series of nationwide centralized economic plans in the Soviet Union, beginning in the late 1920s.

4. Mixed Economy

4.1. Mixed Economy is when both the market and the government takes part in the economic system.

4.2. Some examples of mixed economies are Germany and the United States of America.

4.3. CON

4.3.1. PRO

4.3.1.1. Has all the advantages of a market economy like capitalism because it distributes goods and services where they are needed.

4.3.2. Can take on the disadvantages of the other types of economies depending on which economy it is mixed with.

4.3.2.1. Has all the advantages of a market economy like capitalism because it distributes goods and services where they are needed.

4.3.3. Some restrictions on freedoms and religions.

5. Market Economy

6. Resources

6.1. Nickels, W. G., McHugh, J. M., & McHugh, S. M. (2013). Understanding business. Boston: McGraw-Hill Learning Solutions.

6.1.1. World Population. (2018-06-12). Retrieved 2019-01-21, from http://worldpopulationreview.com/continents/world/