Types of Economies
by Rodney Bell
1. Capitalism
1.1. Factors of Production and distribution are owned by individuals.
1.1.1. Less Government involvment
1.1.1.1. Modern Day Example: United States
2. Socialism
2.1. Most basic business are goverment owned
2.1.1. Lots of benefits (Healthcare, College Tuition, and child care) but high taxes
2.1.1.1. Due to high taxes, higher paid individuals or those with bright minds may leave.-Brain Drain
3. Communism
3.1. All economic decisons and factors of production are provided by the government.
3.1.1. Due to pricing not reflecting supply and demand, products may vary
3.1.1.1. Modern day examples are: North Korea and Cuba