Understanding Economic Systems: Capitalism, Socialism, and More
School
Toronto Metropolitan University**We aren't endorsed by this school
Course
ECN 101
Subject
Economics
Date
Dec 12, 2024
Pages
1
Uploaded by JudgeDuck4799
5. Economic SystemsEconomies operate under different systems, including capitalism, socialism, and mixed economies. Capitalism emphasizes private ownership and market-driven decision-making, while socialism advocates for collective ownership and centralized planning. Mixed economies combine elements of both to balance efficiency with social welfare. Each system has its strengths and weaknesses, influencing the quality of life in different societies.
