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Economic Systems, page 176 in test, Andy Wang (Market / Capitalism…
Economic Systems, page 176 in test, Andy Wang
Market / Capitalism
Producers and Consumers are the ones making the decisions for the government. They are free to spend their money any way they want.
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Disadvantage: Money is the only motive of businesses so the avoid protecting the envionment because it takes alot of money
Command / Socialism
Government has full control. The government owns all resources, goods, and services. The government makes all decisions
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Mixed
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In a mixed economy, people and buisnesses are allowed to manke a lot of decisions. However, the government improves people's quality of like by making some decisions to regulate buisiness
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State Run Capitalism
State Run Capitalism means that the government owns and operates large companies to generate profit and to make themselves very wealthy. In the same system there are private owned companies like Canada or the United States. The best example is China
Advantage: Make economic improvment and growth very fast and very effective. China has improved the quality of life to over 300 million people in just 30 years
Disadvantage: Lack of rights for freedom of speech, lack of democracy.
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