Economic Systems

In this economic system, central planning in not efficient

Act of buyers and sellers freely engaging in market transactions

Careful use of resources to reduce waste

More goods and services

encourages people to improve their well-being

Bourgeoisie

This economic system lacks innovation

According to Marx, workers feel disconnected with their jobs

In this economic system, supply and demand determine prices

“Great leaders never accept the world as it was and always work for the world as it should be."

In this economic system, the government owns basic productive resources

This economic system is efficient

This economic system is called organized chaos.

In this economic system, state officials answer the three basic questions

What is considered full employment in a capitalist leaning economy?

“The confidence customers and employees have are very important to a business’s effectiveness.”

Protection from injuries

Proletariat

Surplus value

This economic system is supposed to be completely sharing, only consuming what you need

In this economic system, there is high consumer satisfaction

In this economic system, there is no incentive to work

"There are no solutions, only trade offs"

Father of Modern Communism

Entitles people to own and control their possessions

struggle of sellers to attract consumers while lowering costs