50 likes | 167 Views
Business Administration & Management. Mr. Bernstein Notes, pp 63-65 Types of Economic-Political Systems March 10, 2014. Business Administration & Management Mr. Bernstein. Capitalism AKA Free Enterprise or Market Economy Citizens are Free to Own Property of Their Choice
E N D
Business Administration & Management Mr. Bernstein Notes, pp 63-65 Types of Economic-Political Systems March 10, 2014
Business Administration & ManagementMr. Bernstein Capitalism AKA Free Enterprise or Market Economy Citizens are Free to Own Property of Their Choice Citizens are Free to Operate Business Ventures of Their Choice
Business Administration & ManagementMr. Bernstein Socialism Government Controls the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship) “Mixed Economy” because some private ownership is allowed
Business Administration & ManagementMr. Bernstein Communism Government Controls Nearly All the Factors of Production (Natural Resources, Labor, Capital and Entrepreneurship) “Command Economy” Relatively Few Successful Nations
Business Administration & ManagementMr. Bernstein Modern China “Mixed Command” Economy?