Social Economics - created from Mind Map

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capitalism

Socialism

Communism

Mixed Economies

Production and ditribution owned by individuals for profit

Capitalist countries are equal opportunities and anyone can achieve success.

Inequality

The power of wealth is not distributed equally within capitalist countries. The rich are not taxed heavily enough to eliminate poverty. If someone wanted to become a business owner to become rich a capitalist country would be the best option.

freedom of choice of career, job,and location

Capitalism supports freedom to choose where an individual works, career path and living situation.

No nation is purly Capitalist

The USA is not purely a capitalist nation and the government is involved in regulating some pricing and policies(state capitalism) such as Airports and United States Postal Service.

owners who profit decide wages,how much to produce and prices on goods and services

rights to own and keep all profts

The downside of free market is greed. A business owner has the right to keep all profits.

Freedom of compitition between products and services

Freedom of competition between companies and the selling of similar products (monopolisic) such as Coke and Pepsi. Consumers have a choice to buy either one they feel is better on taste and advertisements.

Free market is how much to produce based on the demands of the market

Free market

A free market is what and how much of the product is made determined by market consumers. Example: The CBJ NHL is in the playoffs and the demand for appeal has increased by 70%(ABC NEWS). Because the league made the playoffs the demand increased and so did the prices that fans are willing to pay.

Basic businesses owned by the government

Socialism wants the wealth to be evenly distributed equally among citizens. Citizens have the right to own their own business but taxes are high for protecting the land and caring for the poor.

Equality

Socialism promotes equality within the country by taxes on item as much as 75%. The income of wealthier citizens gets heavily taxed to give to the poor.

Brain Drain

Brain Drain is the act of enterpuners leaving socialst countires to pursure their business eddevors in capitalist countires to have finachial freedom. Mnay educated indidviduals leave after pursuing a higher education. This gives little reason for individuals to start a business.