Comparing Economic Systems Vocabulary Review. 9/25 Do Now  What is the difference between a command economy and a market economy.

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Presentation transcript:

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