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Economies: Objective 1

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Economies: Objective 1

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Economies of the world

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Melanie Beran
Melanie Beran
United States

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Economies: Objective 1
 

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Economies: Objective 1Online version

Economies of the world

by Melanie Beran
1

USA profit FreeEnterprise choices economy communism socialism distributing government working equal Sweden money different China hard

A system of rules and regulations explaining how a country manages money is called an . Every country has some type of economy . There are three main economies we've studied : Free Enterprise , Communism , and Socialism .

A economy has very little interference from the government . This means everyday citizens have a lot more in what they want to buy or how much they're willing to pay for it . Companies must compete to make good products for low prices . People who have good products and good business ideas can make a lot of . In free enterprise economy , people make amounts of money based on hard work , skill , knowledge , and ideas . One country with a free enterprise economy is the .

In , the owns major industries like healthcare , education , construction , and factories . The government is also in charge of , or handing out , resources like money or goods . The goal is to make sure everyone has amounts . This can be good to help everyone be equal . This can be bad because no one can get ahead by working harder than others or coming up with better ideas . Socialism is very popular in Europe . One country with a socialist economy is .

In , the government owns everything . People do not own their own stuff , even the money they earn by . Because of this , people in communist countries often do not want to work very . They feel like hard work does not matter . In countries with communism , they usually run out of or resources because no one is working very hard to make more or come up with new ideas or products . Most communism countries end up failing and changing to a different type of economy . One country that currently has communism is .

 
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