1. Understand the Major ideas of Capitalism, Socialism, and Communism
Economics
Understand the Major ideas of Capitalism, Socialism, and Communism

2. Capitalism
Free Enterprise Sytem- economic system characterized by private or corporate ownership
Based on Drive and iniative
4 major factors- ownership, initative, profit, competition
Supply and Demand
Laissez faire Theory- small role
Invisible hands
Mixed Economy

3. Pros and Const of Capitalism
Private ownership
Self made Men and Women
Free Elections
Lower Taxes
Less Government Intervention
Cons
Monopolies
Trust
Classism
No looking out for the social welfare
High Risk

4. Socialism
Idea that the benefit of the economy should be spread out equally through society
Some public ownership
Government ran programs
Government intervention in Industry
Rich and the Poor are equal
Industrial Revolution
Karl Marx- Communist Manifesto
Taxes are around %

5. Pros and Cons of Socialism
Supply everyone with basic needs
Morally Superior
Makes more political Democracy
More say in the work field
Cons
Develop to many layers of government
Slower development on technology
Deprive people of deciding on their lives at home
No incentive to work harder

6. Communism
The idea that the benefit of the economy should be spread out equally through society according to a dictator
One communist party. Everyone is equal
Most things are owned by the government
No real individual rights

7. Pros and Cons of Communism
Supply everyone with basic needs
Quick Decision making in times of need
No rebellion against the government
Centrally planned economy
Cons
A Government usually based on a dictatorship
Slower development on technology
Rule by military force
Deprive people of deciding on their lives
Force to work harder