Business Administration & Management Mr. Bernstein Types of Economic-Political Systems, pp 63-65 February 23, 2015.

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Business Administration & Management Mr. Bernstein Types of Economic-Political Systems, pp February 23, 2015

Business Administration & Management Mr. Bernstein Capitalism AKA Free Enterprise or Market Economy Citizens are Free to Own Property of Their Choice Citizens are Free to Operate Business Ventures of Their Choice 2

Business Administration & Management Mr. Bernstein Socialism Government Controls the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship) “Mixed Economy” because some private ownership is allowed 3

Business Administration & Management Mr. Bernstein Communism Government Controls Nearly All the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship) “Command Economy” Relatively Few Successful Nations 4

Business Administration & Management Mr. Bernstein Modern China “Mixed Command” Economy? 5

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