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Economics - Coggle Diagram
Economics
Capitalism✅
property rights
trade among themselves
Satisfy the needs of the greatest number of people
private property
Competition
freedom to choose
limited power for the government
Socialism💩
Dictatorship
Pubic ownership
Equality of goods
Everything people produce is in sense a social product
PROS: people could own farms and shops and small-middle size business
CONS: State should own everything except personal items
Liberalism
freedom of property
equality
fair society
Mercantilism
exportation of resources
economy based on local resources