ECONOMIC SYSTEMS

Honelako gehiago

blank mind map

MUHAMMAD KHAIRI‑k egina

Tim Hortons

Joshua Wong‑k egina

The Economy of the !

James Baker‑k egina

Propaganda Analysis

Erin Graffis‑k egina

ECONOMIC SYSTEMS

Command Economy

Economic initiative may be suppressed due to lack of profits motive

Decision making is centralised

Lack of individual freedom and choice

People have greater security and social solidarity

Services such as health and education are provided by the government

Social ownership of land and capital

Socially equitable distribution of national income

Concerntration of power in a Ruling party

Central economic planning

Free market economy

Private wealth may be maximised at the expense of others

Could result in irresponsible behaviour by firms, i.e pollution

Competition eliminated by monopolies

All resources are only available at prevailing price

Private property

Limited government involvement

Prices and markets

Self interest