Economic Systems - created from Mind Map

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Free Market Capitalism

Socialism

Communism

Factors of production and distribution are owned by individuals.

Found primarily in USA, Europe, Japan and Canada

Business owners have all the wealth while workers don't.

Business owners decide what to produce instead of the government, they also decide how much of what is produced.

Most business is owned and operated by the government with the idea that it allows for even distribution of wealth.

Individuals that own small business are taxed are a higher rate to pay for social programs.

Social equality. Free education, healthcare, and childcare

Longer vacations for workers, shorter work weeks and more benefits.

Less drive to invent new things and become more innovative due to the lack in reward to the individual

Due to higher tax rates on the wealthy and business owners, people often relocate to no socialist countries to continue business.

Government makes most if not all economic decisions and owns all aspects of production.

Outside of economic decisions government intrudes into lives of it's citizens by limiting religious practices, job changes and even where people live.

Unlike a capitalist economy, supply and demand are not factors that help the government know what products need to be produced. Because of this many of the citizens of communist countries are starving and in poor health.