Business Administration & Management Mr. Bernstein Types of Economic-Political Systems, pp 63-65...
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Business Administration & Management Mr. Bernstein Types of Economic-Political Systems, pp 63-65 February 23, 2015
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Transcript of Business Administration & Management Mr. Bernstein Types of Economic-Political Systems, pp 63-65...
Business Administration & Management
Mr. Bernstein
Types of Economic-Political Systems,pp 63-65
February 23, 2015
2
Business Administration & Management
Mr. Bernstein
CapitalismAKA Free Enterprise or Market EconomyCitizens are Free to Own Property of Their
ChoiceCitizens are Free to Operate Business Ventures
of Their Choice
3
Business Administration & Management
Mr. Bernstein
SocialismGovernment Controls the Factors of
Production (Natural Resources, Labor, Capital and Entrepreneurship)
“Mixed Economy” because some private ownership is allowed
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Business Administration & Management
Mr. Bernstein
CommunismGovernment Controls Nearly All the Factors of
Production (Natural Resources, Labor, Capital and Entrepreneurship)
“Command Economy” Relatively Few Successful Nations
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Business Administration & Management
Mr. Bernstein
Modern China“Mixed Command” Economy?
