IBM_ Mixed Economies PRESENTATIONIntroduction to Mixed EconomiesOverview of economic systems covered relevant to business and marketing

Mixed Economy

An economic system that incorporates varying degrees of government control and individually-owned enterprises.

Three Basic Economic Questions

What goods and services should be produced? How should the goods and services be produced? For whom should the goods and services be produced?

Capitalism

An economic system characterized by private ownership of resources and freedom of competition among businesses.

Socialism

An economic system where the government owns key industries and aims for social equality.

Communism

An economic system marked by government ownership of most resources and the goal of a classless society.

Role of Government in Capitalism

Supports the population, provides care for those unable to care for themselves.

Government Regulation in Capitalism

Regulates industries to ensure competition, examples include FDA, ACA, USDA.

Characteristics of Socialism

Government ownership of key industries, aims for social equality, may result in higher taxes.

Government Support in Socialism

Provides basic needs for all citizens with collective ownership of resources.

Characteristics of Communism

Government ownership of resources, aims for social equality, emphasizes shared resources.

Role of Government in Communism

Provides for individual needs and protects society's interests.

Comparing Mixed Economies

All mixed economies support their populations, differing primarily in ownership of resources and level of government control.

Examples of Capitalism

Countries include United States, Australia, Ireland, New Zealand.

Examples of Socialism

Countries include Bolivia, Iceland, Portugal, Canada.

Examples of Communism

Countries include China, Cuba, Laos, Vietnam, North Korea.