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THE ECONOMIC SYSTEMS IN THE WORLD - Coggle Diagram
THE ECONOMIC SYSTEMS IN THE WORLD
DEFINITION
They are ways to generate economic goods
To provide for a high level of well-being
THE CURRENT SYSTEMS
Capitalist or market economy
Free market economy
Law of supply and demand
between producers and consumers
Private property means of production
Individual or companies
freedom to work and hire
State intervention on a small scale
Widely used around the world
Communist or planned economy
It is planned and centralised by the State
Production process
It is controlled by the state
The State is the owner of the means of production
No private property
No initiative
Only state-owned properties
It's objective is
to achieve collective benefit
through policies decided upon the state
It was very important in the past
It partially disappeared
due to the breaking up of the Soviet Union
in 1991
Subsistence economy
It is based on production for self-consumption
It is common in
Poor areas
Isolated areas
no separation of work
no mechanisation
There is hardly any
economic or social development
Mixed economy
greater intervention from the State in
establishing laws
regulating certain prices
providing for the social well-being of its citizens
Widely used around the world
CURRENT ECONOMIC BLOCK ACROSS THE WORLD
World Economic Leaders
USA
EU
JAPAN
Countries with less global influence
Canada
Australia
Asian Tigers
Technological development and growth
since the 1970s
South Korea
Hong Kong
Taiwan
Singapore
They have been joined by the Tiger Club Economies
Vietnam
Indonesia
Malaysia
The Philippines
Thailand
Countries with petroleum
OPEC
Organisation of Petroleum Exporting Countries
Saudi Arabia
Largest producer in the world
They are very important
petroleum is a widely used energy source around the world
BRICS
Made up of the emerging countries
Brazil
Russia
India
China
South Africa
They have a rapidly growing economy
They are becoming more and more important
Economic organisation
It consists of several countries
They are close to each other
They share economic or cultural ties
They offer each other assistance
They have a common political ideology
There are no
duties within their borders
tariffs within their borders
Most common ones
MARKET ECONOMY
The most widespread of the different types
Main model
USA
Mixed economy
EU
through private initiative and economic globalisation
It has led to the creation of
Multinational companies
large national companies
A large part of it
is controlled by
Multinational companies
act outside of their country of origin
are present in many other countries through affiliated companies
employ thousands of people
Most well-kown companies
Coca Cola
Apple
Microsoft
Repsol
Movistar
