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Economic system in the world, image - Coggle Diagram
Economic system in the world
Economic system are the ways in which a country administers its material, economic goods and human resources to provide for a high level of well being
Market economy
Market economy through private initiative and economic globalisation has led to the creation of large national and multinational companies
Large part of the global market is controlled by companies called multinationals
They act outside of their country of origin
The current systems
Emerging countries
The countries whose economy is growing very rapidly
Current economic blocks across the world
The Asian tigers
Countries with petroleum
BRICS
World economic leaders
European Union
NAFTA
Economic globalisation
Tendency of the markets and companies to go beyend national borders and entergrate
Capitalist or Market economy
Private property means of production
Freedom to work and hire
Free market economy
State intervention on small scale
Subsistence economy
Poorest areas in the world
No separation of work or mechanisation
Based on production for self-consumption
Hardly any economic or social development
Communist or planned economy
The economy is planned and centralised by the state
Production process is controlled
State is owner of the means of production
