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Economic Systems - Coggle Diagram
Economic Systems
Socialism
Definition: An economic system where the government (or community) controls and owns major industries to ensure equal distribution.
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Public schools
Public schools Show equal access to education, a key socialist principle.
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Free healthcare symbol
Free healthcare symbol (red cross or hospital) → Represents government-provided healthcare for everyone.
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Capitalism
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Definition: An economic system where private individuals or businesses own property and control production for profit.
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Big companies
Big companies: (corporations like Apple, Amazon, etc.) Represent private ownership and competition.
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Stock market
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Stock market: Shows how people invest money to grow wealth, a key feature of capitalism.
Communism
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Definition: An economic and political system where all property is publicly owned and each person works and is paid according to their abilities and needs.
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Farming collectives
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Farming collectives (people farming together) → Show shared land and resources with no private property.
Workers with tools
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Workers with tools → Symbolizes equality, where all workers contribute according to ability.
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Marxism
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Definition: A theory by Karl Marx that argues society is divided by class struggle and aims to replace capitalism with a classless society.
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Equality symbol
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Equality symbol → Stands for the Marxist goal of a classless, equal society.
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