Comparing Economic Systems Vocabulary Review
9/25 Do Now What is the difference between a command economy and a market economy
Communism Economic system where all property is collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to their needs.
Capitalism Economic system where the means of production are privately owned. Supply and demand determine prices, and businesses are free to direct resources into activities that promise the greatest profits.
Socialism Economic system in which government owns and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.
Pro Socialism or Pro Capitalism
The State Another word for the government Ex: Socialist State Ex: Capitalist State Democratic State
Marx or Smith