Please enable JavaScript.
Coggle requires JavaScript to display documents.
ECONOMIC SYSTEMS IN THE WORLD - Coggle Diagram
ECONOMIC SYSTEMS IN THE WORLD
Economic systems
Are the ways in which a country produces, organises, distributes and administers its material and human resources, and the economic goods that these generate, in order to provide for a high level of well-being
Current systems
Capitalist or market economy
Based on a free market economy, private property means of production, freedom to work and hire, and State intervention on a small scale.
Mixed economy
Involves greater intervention from the State
Communist or planned economy
The economy is planned and centralised by the State
Private property and initiative do not exist, only State-owned properties.
Subsistence economy
System based on production for self-consumption in the poorest and most isolated areas in the world.
Market economy
Is currently the most widespread of the different types. Through private initiative and economic globalisation, has led to the creation of large national and multinational companies.
A large part of the global market is controlled by companies called multinationals
