Economic Systems

Individuals choose what to consume, and this choice leads to more competition and better products.

One of its advantages is that incentives to be rich encourage innovation.

These are the nations with few industries and simple technology.

Which of the following countries currently has a communist economic system?

what section of a newspaper can I find articles on the economy of my country?

The workers become the owners.

These are the nations with lots of industries and advanced technology.

One of its advantages is that it focuses on equality as humans instead of wealth separation.

This was the transition to new manufacturing processes in Europe and the United States, it led to capitalism

When you go to get a haircut, you are a:

In Capitalism, what keeps prices at an efficent level?

An eeconomic system in which production, distribution, and exchange is owned by the community.

Its main problem is that we do things to benefit ourselves, not other people.

Disadvantage: A chance of a monopoly of power.

A person who buys and uses goods and services

Competition keeps prices at an efficient level.

An economic system in which the central government owns factories, farms, and offices.

A person who makes goods or provides services.

It distributes goods and services according to the laws of supply and demand.

It is divided in two groups: Social democrats and communists.

The person who owns a hair salon is:

Economic system in which individuals own most businesses.

Disadvantage: It only works well when corruption stays out of the process.

The system in which people make, exchange, and use things that have value.

The great inequalities of wealth arise from this system.