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THE ECONOMIC SYSTEM IN THE WORLD - Coggle Diagram
THE ECONOMIC SYSTEM IN THE WORLD
The current system
Communist
the economy is planned
the production process is controlled
obejctive
achieve collective benefit through policies State-ownes propertied
Subsistence economy
is based on production for self-consumption in the poorest
there is no separation of work or mechanisation
Capitalist
free market economy
private property
freedom to work and hire
state intervention on a small scale
Market economy
through private initiative and economic globalisation
creation of large national and multinational companies
globally market is controlled by
national companies
multinational companies
they act outside of their country of origin
are present in many other countries
among the most well-known are
Coca cola
Microsoft
Apple
Repsol
Movistar