econchart

Basic Economics

Basic Econnomis Systems
	Traditional	Strong Command	Moderate Command	Market
Ownership Of Resources	Traditionalism Each family or community owns the resources it needs, within the tradition	Communsim Factories and equipment are government owned	Socialism Major industries are government owned. Others are privatly owned.	Capitalism Buisness and industry are privately owned and opperated.
Decision On Use Of Resources	Use of resources is based on tration,custom and religion	Goverment plans ways to to use resources	Government and buisness owners may qcooperate in decision making.	Decisions are made by business owners together with people who buy goods and services.
Role Of Government In Planning	Tradition custom, and religion are the only strong influences.	Government gives detailed orders to guide business in fulfilling plans	Government directs completion of plans in major industrie.	Government planning and control are minimal.