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Major Economic Systems. Economic Systems 1. Capitalism- private citizens own the factors of production without government involvement 2. Socialism- Government.

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Presentation on theme: "Major Economic Systems. Economic Systems 1. Capitalism- private citizens own the factors of production without government involvement 2. Socialism- Government."— Presentation transcript:

1 Major Economic Systems

2 Economic Systems 1. Capitalism- private citizens own the factors of production without government involvement 2. Socialism- Government owns some of the basic resources, for redistribution to societies best interests 3. Communism- (present) All Resources are Government owned, government plans and Disburses everything including decisions for the economy

3 Capitalism Positives 1. Lower Prices 2. Innovation 3. Profits 4. Tax Base 5. Ownership 6. Responsibility 7. Change of station in society

4 NEGATIVES 1. Cheating 2. Deception/false advertising/Fraud 3. Dangerous short cuts 4. Caveat Emptor- let the buyer beware 5. Waste 6. Built in inefficiency- loss of quality a. vcr tapes, cars, computers 7. Excess or gluttony 8. Greed 9 Theft 10. Debt

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