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Economic Systems, image - Coggle Diagram

- - - - Commonly leads to corruption / low incentive
      - Limits personal choice and market signals
    - - .Equal access to resources; aims to eliminate class
      - Eliminates private exploitation
    - - .
        
        Workers Farming Together - Collective work
      - .
        
        Propoganda poster - Promote equality and unity
      - .
        
        Red Flag With Star - Symbol of communism
  - - - Potential government inefficiency
      - Less incentive for private innovation
    - - Public services (healthcare, education) for all
      - Reduces income inequality
    - - .
        
        School/Graduation Hat - Public education for everyone
      - Hospital/Healthhcare - Free health care for all
      - .
        
        People Sharing - Fairness and Community
  - - - Risk of authoritarianism when misapplied
      - Hard to implement without centralized power
    - - Aims to reduce social inequality
      - .Focus on collective ownership and fairness
    - - Workers Protesting- Workers protesting against inequality
      - Equality symbol-- Unity of workers and farmers
      - .
        
        Karl Marx - He created the Marxist theory
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  - - - Income and wealth inequality
      - Profit motive may harm welfare/environment
    - - Wide variety of consumer choices
      - Encourages innovation and efficiency
    - - .
        
        Shopping Mall/Brands - Consumer choice
      - .
        
        Factory Assembly Line - Mass production for profit
      - .
        
        Stock Market Graph - Profit and investment