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1. Capitalist economies offer the most economic freedom.

   • The people decide what they would like to make, where they would like to sell it and how much it will cost.
   • The United States is a strongly Capitalist economy because citizens have the right to create products, start businesses and decide on pricing.
   • A Capitalist system is ideal for those who want to work hard and are capable of doing so, however, it does not care for those who do not work or are unable to do so.

2. Socialist economies offer freedoms to produce specialty or highly specific goods and services.

   • The government is in charge of large scale production and business, while the people may open small businesses for specific items.
   • Russia is a country operating under a socialist economy. The government is in charge of large scale business and manufacturing, while the people have begun building smaller businesses.
   • In a Socialist government, citizens have access to free healthcare and free education.
   • Citizens may be taxed as much as 60% of their pay for their government benefits. They rarely achieve much growth within their career field. Business ownership will be dictated by the government and will only occur in small or local specific business types.

3. Communist economies offer the least amount of autonomy.

   • The government decides what will be produced, by whom and how much will be produced.
   • North Korea has a communist economy. The individuals have access to what the government allows. Because of this, many citizens are poor.
   • Under this type of economy, people do not have to choose their career path. Health care is covered and necessities will be provided at one price.
   • In a communist economy, individuals cannot start their own businesses or learn what they would like. There are often too many or too few goods to go around due to lack of "supply and demand" systems."

4. Each economic system hadles the factors of production differently.

   • Most economic systems in present times are a mix of two or more systems in some way. It is impossible for the government to stay all business and decision making.

5. Economics systems are important in dictating how individuals and businesses operate within the market.

   • Economic systems ca n make a country wealthier by providing jobs and creating needed goods.
   • A country uses an economic system to decide if and how they will provide for their citizens.
   • Economic systems provide the ground rules for commerce, production and trade both locally and internationally.