Please enable JavaScript.

Coggle requires JavaScript to display documents.

THE ECONOMIC SYSTEM IN THE WORLD image …

- - - - The Asian tigers
        
        The technological development and growth that has taken place in some countries since the 1970s
      - Countries with petroleum
        
        OPEC stands for Organisation of Petroleum Exporting Countries
      - BRICS
        
        BRICS-made up of emerging countries
      - Other organisations
        
        NAFTA stands for the North America Free Trade Agreement
        
        EU European Union is a political and economic union of 28 member states of Europe
        
        Mercosur is the Andean Pact and Association of Southeast Asian Nations (ASEAN)
      - World economic leaders
  - - - Free market economy (supply and demand)
        
        Demand: The amount of a product or service that consumers purchase
        
        Supply: The amount of a product that producers offer for sale
      - Freedom to work
      - State intervention on a small scale
    - - Planned and centralised by the State
      - Private property and initiative do not exist
    - - The state intervention is greater than in the capitalist economy
    - - Production for self-consumption
      - Most isolated areas