Economic Systems PDF
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Laurel Heights Secondary School
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Summary
This document discusses different economic systems such as Communism, Capitalism, and Socialism, as well as their respective examples. It also details the concept of a political spectrum and how countries fall on it.
Full Transcript
Economic Systems Economic control and distribution of wealth Communism Examples: former USSR, Cuba The government owns all businesses and farmland so everyone works for the government. The Government provides all the needs for the people (healthcare, education and wel...
Economic Systems Economic control and distribution of wealth Communism Examples: former USSR, Cuba The government owns all businesses and farmland so everyone works for the government. The Government provides all the needs for the people (healthcare, education and welfare). The needs of individuals are less important than the needs of the country as a whole. Everyone is intended to be equal. It has never worked and has never really existed as intended. Capitalism Example: USA Economic freedom through a free-market system (law of supply and demand). The government provides less regulations and require less tax revenue but individuals must pay for services such as healthcare and education. Tends to create a wide gap between the rich and poor as social assistance is limited. (welfare, old age security, minimum wage) Also never truly existed, the economy needs controls Socialism Example: Norway The government provides the necessities (healthcare, education, welfare) as well as essential services (police, postal, etc.), all paid for with high taxes. The government often owns larger industries but citizens own their own land and businesses to earn a living. Government often maintains control of things like the economy and environment through strict regulations. Political Spectrum Left wing Right wing Socialism Liberal Conservative Communism Fascism (dictatorship) What determines where a country falls on the spectrum? 1. The wealth of the country and if it is produced by the people. 2. How willing the people are to accept change. 3. How concerned the government is for the rights and needs of the people. Wealthier democratic countries tend to be on the left. These countries look after their people and are accepting of new ideas and minorities.
