1. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Who owns the factors of production and makes decisions?
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Political System

2. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Political System

3. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Political System

4. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Responds quickly to changing conditions, produces what is wanted.
Bureaucratic decision making takes time, lacks flexibility.
Political System

5. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Responds quickly to changing conditions, produces what is wanted.
Bureaucratic decision making takes time, lacks flexibility.
Highest degree of any system
Government makes all decisions,
Consumers lack say in all decisions
Political System

6. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Responds quickly to changing conditions, produces what is wanted.
Bureaucratic decision making takes time, lacks flexibility.
Highest degree of any system
Government makes all decisions,
Consumers lack say in all decisions
No “safety net”
Government provides everyone with their basic needs
Political System

7. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Responds quickly to changing conditions, produces what is wanted.
Bureaucratic decision making takes time, lacks flexibility.
Highest degree of any system
Government makes all decisions,
Consumers lack say in all decisions
No “safety net”
Government provides basic needs
Self-interest
Wealth is distributed throughout society.
Political System

8. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Responds quickly to changing conditions, produces what is wanted.
Bureaucratic decision making takes time, lacks flexibility.
Highest degree of any system
Government makes all decisions,
Consumers lack say in all decisions
No “safety net”
Government provides basic needs
Self-interest
Distribute wealth evenly throughout society.
Encourages entrepreneurs to seek new ideas and innovations.
Does not reward innovation and actively discourages change.
Political System

9. Who owns the factors of production and makes decisions?
Free Market
Command Economy
Philosopher
Adam Smith
The Wealth of Nations
Karl Marx
The Communist Manifesto & Das Kapital
Basic Idea
Markets exist because no one is self-sufficient. People have to specialize which creates a need for markets so people can sell and buy what they want and need.
The central government is in command of the economy, making decisions about what to produce, how to produce it, and who gets to consume it.
Who owns the factors of production and makes decisions?
Individuals
The Central Government
Economic Efficiency
Economic Freedom
Economic Security and
Predictability
Economic Equality
Economic Growth and
Innovation
Responds quickly to changing conditions, produces what is wanted.
Bureaucratic decision making takes time, lacks flexibility.
Highest degree of any system
Government makes all decisions,
Consumers lack say in all decisions
No “safety net”
Government provides basic needs
Self-interest
Encourages entrepreneurs to seek new ideas and innovations.
Distribute wealth evenly throughout society.
Does not reward innovation and actively discourages change.
Political System
Usually associated with a democracy
Usually associated with communism