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Chapter 18: Section 1

Chapter 18: Section 1. Amy De la Cruz Lizbeth Morales Luis Munoz Ruby Perez. In the 1900’s, the world’s developed nations fell into 3 categories of economic systems-communism, socialism and capitalism. Capitalism. Capitalism: the means of production are privately owned

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Chapter 18: Section 1

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  1. Chapter 18: Section 1 Amy De la Cruz Lizbeth Morales Luis Munoz Ruby Perez

  2. In the 1900’s, the world’s developed nations fell into 3 categories of economic systems-communism, socialism and capitalism.

  3. Capitalism • Capitalism: the means of production are privately owned • Ex: Germany, United States, India, & Japan

  4. Socialism • Socialism: an economic 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. • Ex: Finland, Canada, Ireland, & Belgium

  5. Communism • Communism: a political and an economic framework where all property is collectively owned, labor is organized for the common advantage of the community, and everyone consumes according to their needs. • Ex: Cuba, North Korea, and the former Soviet Union

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