Economic Systems

Government controls all means of production.

Social ownership of the means of production, as opposed to private ownership.

Private individuals own all means of production.

There is no ownership of production at all.

Equilibrium is reached and the price is settled.

There is a shortage in the market.

Prices continue to rise.

Demand decreases sharply.

Economic output is shared equally throughout the population.

The government distributes resources.

Taxes are generally lower than in free enterprise.

Values the collective interest over the individual.

Capitalism

Socialism

Communism

Feudalism

Subsistence agriculture is focused on feeding the farmer's family, while commercial agriculture is focused on making profit.

Subsistence agriculture uses advanced technology, while commercial agriculture does not.

Commercial agriculture is only found in rural areas, while subsistence agriculture is found in cities.

Subsistence agriculture produces more goods for sale than commercial agriculture.

Organized by a centralized government

Government officials direct all factors of production

Production is determined by supply and demand

The government creates a central economic plan

Socialism involves social ownership, while communism involves government control of all means of production.

Socialism involves private ownership, while communism involves social ownership.

Both socialism and communism involve private ownership.

Communism allows for private ownership, while socialism does not.