Post on 14-Dec-2015
Comparing Economic SystemsVocabulary Review
9/25 Do NowWhat is the difference between a command
economy and a market economy
CommunismEconomic system where all property is
collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to their needs.
CapitalismEconomic system where the means of
production are privately owned. Supply and demand determine prices, and businesses are free to direct resources into activities that promise the greatest profits.
SocialismEconomic system in which government owns
and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.
Pro Socialism or Pro Capitalism
Pro Socialism or Pro Capitalism
Pro Socialism or Pro Capitalism
Pro Socialism or Pro Capitalism
Pro Socialism or Pro Capitalism
Pro Socialism or Pro Capitalism
Pro Socialism or Pro Capitalism
The StateAnother word for the government
Ex: Socialist State
Ex: Capitalist State
Democratic State
Marx or Smith
Marx or Smith