Socialism Capitalism Communism Define system based system of system where on public or economics the collective on the private government ownership of ownership of owns most of the means of capital and the factors of production. production production and inputs, and on decides the the production allocation of of goods and resources and services for what products profit. and services will be provided Benefits Efficiency, Consumer No economic choices, unemployment, growth, less economic equality, business growth and growth in social fluctuation expansion, communities efficiency in economy Drawbacks Elimination Monopoly of Distribution of of power, resources is individualism, inequality, inefficient, no consumers recession/ competition, suffer, no unemployment government in competition full control (no motivation)
Socialism Capitalism Communism Define system based on public or collective ownership of the means of production. system of economics on the private ownership of capital and production inputs, and on the production of goods and services for profit. system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided Benefits Efficiency, economic growth, less business fluctuation Consumer choices, economic growth and expansion, efficiency in economy No unemployment, equality, growth in social communities Drawbacks Elimination of individualism, consumers suffer, no competition (no motivation) Monopoly of power, inequality, recession/ unemployment Distribution of resources is inefficient, no competition, government in full control