ECONOMIC SYSTEM MIND MAP

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ECONOMIC SYSTEM MIND MAP by Mind Map: ECONOMIC SYSTEM MIND MAP

1. In the United States the Olympic games are an honor. Athletes compete throughout the year to qualify to be apart of the Olympic games which are only held ever 4 years. The main goal is to receive either the gold, bronze, or silver medal. Because of the abundance of talent sometimes an athlete will not bring home a medal, but the experience is once in a lifetime. The U.S. athlete is celebrate whether they win or lose.

2. An economic system based on freedom of private ownership of the means of production and their operation for profit

3. Communism is a system of social organization based on holding of all property in common. The actual ownership being ascribed to the community as a whole or to the state. In order words the government will place an individual wherever their services are needed most.

3.1. In the United States the Olympic games are an honor. Athletes compete throughout the year to qualify to be apart of the Olympic games which are only held ever 4 years. The main goal is to receive either the gold, bronze, or silver medal. Because of the abundance of talent sometimes an athlete will not bring home a medal, but the experience is once in a lifetime. The U.S. athlete is celebrate whether they win or lose.

3.1.1. In the United States the Olympic games are an honor. Athletes compete throughout the year to qualify to be apart of the Olympic games which are only held ever 4 years. The main goal is to receive either the gold, bronze, or silver medal. Because of the abundance of talent sometimes an athlete will not bring home a medal, but the experience is once in a lifetime. The U.S. athlete is celebrate whether they win or lose.

4. COMMUNISM

5. CONS OF A CAPITALISTIC ECONOMY IS: Include wealth inequality and lack of public services. The government lacks little influences, and private companies like the "NFL" control the production of good and services.

6. PROS OF A CAPITALISTIC ECONOMY IS: Increased market efficiency and increased economic growth.

7. Less Entrepreneurship; Higher taxes which means it is more difficult to start your own company, or restrict companies from being very dynamic

8. According to socialism, everything that an individual produce is in some sense a social product, and everyone who contributes to the production of good is entitled to share in it.

9. Public education, which equalizes the minimum education for all people, and economic equality such as; minimum wage, social security, and public housing which is a system to reduce poverty.

10. An economic society where everyone in the society equally owns the factors of production.

11. CAPITALISTIC

12. Living in a Capitalistic society gives me the opportunity to interview and work with the employer of my choice

13. The United States has a Capitalist economy. Free market dictates prices and production. Under this system, prices and salaries are determined by supply and demand. The Governments role is to protect the rights of financial motivators of the economy.

14. SOCIALISM