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The concept of economic systems, image - Coggle Diagram
The concept of economic systems
Capitalism
Pros:
Goods and services are produced based on supply and demand.
Competition that leads to profit.
Cons:
The creation of social classes.
Increased economic inequality.
Definition: Capitalism is an economic system characterized by private ownership of businesses and production, a focus on profit and competition in free markets.
Marxism
Definition: The political and economic theories of Karl Marx and Friedrich Engels later developed by their followers to form the basis of communism.
Pros:
It explains the way that society is organized under capitalism.
Cons:
Some people get paid less than others
Socialism
Definition: A government system where businesses are owned by the government and the people.
Communism
Definition: A non classes economic system, with no influence on the government system.
Cons:
No people would have any ideas for the government.
Pros:
If any corruption happens the government will take accountability.
Everything is for the people.
