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    Economic Systems

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    Sunil
    The document discusses different economic systems: capitalism, socialism, mixed economy, and communism. Capitalism involves private ownership and control of production, with a free market. Socialism involves public or state ownership and control of production. Mixed economies combine elements of capitalism and socialism. Communism, as described by Marx, involves public ownership and a classless society controlled by a centralized government.

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    Economic Systems

    Uploaded by

    Sunil
    17 views14 pages
    The document discusses different economic systems: capitalism, socialism, mixed economy, and communism. Capitalism involves private ownership and control of production, with a free market. Socialism involves public or state ownership and control of production. Mixed economies combine elements of capitalism and socialism. Communism, as described by Marx, involves public ownership and a classless society controlled by a centralized government.

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    The document discusses different economic systems: capitalism, socialism, mixed economy, and communism. Capitalism involves private ownership and control of production, with a free market. Socialism involves public or state ownership and control of production. Mixed economies combine elements of capitalism and socialism. Communism, as described by Marx, involves public ownership and a classless society controlled by a centralized government.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    17 views14 pages

    Economic Systems

    Uploaded by

    Sunil
    The document discusses different economic systems: capitalism, socialism, mixed economy, and communism. Capitalism involves private ownership and control of production, with a free market. Socialism involves public or state ownership and control of production. Mixed economies combine elements of capitalism and socialism. Communism, as described by Marx, involves public ownership and a classless society controlled by a centralized government.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 14

    Labor Land

    Capital

    Production Consumption Manufacturing Regulation Distribution Circulation

    Economic Systems mainly deals with the relationship between production (Supply) and Consumption (Demand).

    1.Capitalism 2.Socialism 3.Mixed Economy 4.Communism

    Form of economy in which all the factors of production are owned operated and controoled by the private owners is called Capitalism.

    Pros: 1.Free Market Economy(Lassez Faire Economy) 2: Competition 3: Profit as per Hard work & Intelligence 4: More Activity 5: More Productivity 6: FDI

    Cons: Haves & haves not 2: What about Social welfare? 3:Lack of Job security The United States and Japan are examples of a Capitalist Economy

    The Form of economic system in which all the factors of production are owned operated and controlled by the state. social and economic economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, Furthermore, everything that people produce is in some sense a social product, and every one who contributes to the production of a good is entitled to a share in it. Society as a whole, therefore, should own or at least controlproperty for the benefits

    Pros: 1: Classless society 2: Social welfare 3: Employment for all 4: Good for lovers 5: Price control by state 6: Low cost of Production

    Cons: 1: Laziness 2: Corruption 3:absence of competition 4: Monopoly , Monopsony & Oligopoly 5: Enforcement by force Canada, Germany, Sweden, Australia and Great Britain are all examples of socialist economies

    Form of economy which is partly privatized and partly public. It is the combination of both systems. India and Russia

    Combination of Market and Command economic systems Market forces control most consumer goods Government directs industry in need areas

    Communism - Marxism &The Communist Manifesto Communism, which is also described as "Revolutionary Proletarian Socialism" or "Marxism," is both a political and economic philosophy. The strictest form of socialism is called Communism

    Controlled by strong, centralized government Usually focuses on industrial goods Little attention paid to agriculture and consumer goods Cuba, North Korea, and China are examples

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