Econ

Traditional Economy

Econ system based on surviving, no self interest

Command Economy

Econ system; Government decides factors of production

Market Economy

Econ System based on individual choice

Adam Smith

Wrote the wealth of nations

Karl Marx

Predicted/Created Theory of Communism/Socialism

Socialism

Form of economics where government controls some industries

Communism

Extreme version of Socialism

Laissez-Faire

Government should not interfere with economics

Capitalism

Form of economics based on private ownership

Specialization

Efforts are concentrated where individuals are best utilized