Economic Systems - created from Mind Map

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Capitalism

Socialism

Communism

Definition: Private ownership of land an business. Liberty and the pursuit of happiness. Free trade. Emphasis on freedom and the profit motive for economic growth.

Advantages:

Definition: Public ownership of major businesses. Some private ownership of smaller businesses and shops. Government control of education, health care, utilities, mining, transportation, and media. Very high taxation. Emphasis on equality.

Definition: Public ownership of all businesses. Government run education and health care. Emphasis on equality. Many limitations on freedom, including freedom to own businesses and to assemble to protest government actions.