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PCS Global

Types of Economic Systems

TermDefinition
Traditional bartering - goods for goods (Ex. Paleolithic, Neolithic, early African tribes)
Mercantilism colony exists for the benefit of the parent country; usually parent country tries to get all raw materials from colonies (Ex. Great Britain and 13 colonies, Spain - Latin America (gold), France - Indo-China
Capitalism (Free Market) private ownership, competition regulates the prices of goods (government involvement only when the majority of people are being harmed) (Ex. Great Britain, USA, Japan, Canada, Germany)
Communism (Command System) government controls all means of products through a central committee; comes into power by overthrowing the government and creating a classless society (Ex. Soviet Union, China, Cuba, Cambodia, Vietnam, North Korea)
Created by: Ms.Sala