Comparing Economic Systems Vocabulary Review. 9/25 Do Now What is the difference between a command...

Comparing Economic SystemsVocabulary Review

9/25 Do NowWhat is the difference between a command

economy and a market economy

CommunismEconomic system where all property is

collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to their needs.

CapitalismEconomic system where the means of

production are privately owned. Supply and demand determine prices, and businesses are free to direct resources into activities that promise the greatest profits.

SocialismEconomic system in which government owns

and runs some of the basic productive resources in order to distribute output in ways deemed to be in the best interest of society.

Pro Socialism or Pro Capitalism

Pro Socialism or Pro Capitalism

Pro Socialism or Pro Capitalism

Pro Socialism or Pro Capitalism

Pro Socialism or Pro Capitalism

Pro Socialism or Pro Capitalism

Pro Socialism or Pro Capitalism

The StateAnother word for the government

Ex: Socialist State

Ex: Capitalist State

Democratic State

Marx or Smith

Marx or Smith