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In this lesson we learned about:

1. Mixed, traditional, market, and comment economies

2. Communism, socialism, and capitalism as both economic and political systems

3. The ways in which the U.S. government regulates our mixed economy.

4. Monetary and Fiscal policy.

5. The advantages and disadvantages of a capitalist system.

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Tumisu, (2018) Analytic Charts Business Woman. [Image]. Available from https://pixabay.com/en/analytics-charts-business-woman-3265840/

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Want a funny and simple way to understand the differences in the economic and political systems of communism, capitalism, and socialism? Check out this info-graphic!

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Capitalism emerged in 19th century Europe when societies grew tired of the injustices of the social order. While capitalism was viewed as a necessary component to building wealth and industry, it was a common held belief that this was only a means to an end, with that end being socialism or communism.
Conduct your own research on the advantages and disadvantages of capitalism. After you have finished your research, visit the Padlet below to organize your findings. You only have to provide 1 advantage and 1 disadvantage. Please do not repeat answers.

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Advantages and Disadvantages of Capitalism

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Conduct your own research on the advantages and disadvantages of capitalism. In your own words, share 1 advantage and 1 disadvantage in the appropriate columns provided. 

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Now that you've learned about the various types of economies that exist, let's bring this back home to the United States! The United States operates under a mixed market economy which means that the government is involved to some degree in guiding our economy. Earlier in this Padlet you listed some examples of how the government is involved in our mixed market. Since currency is a big component in our economy, we will now take a closer look at two ways in which the government controls the supply and circulation of money in the Unites States. Click HERE to watch a short video explaining monetary and fiscal policy. After you have finished the video and followed the directions at the end of the video, share 1 drawback of government intervention in the economy by using the comment feature below. Please do not repeat answers.

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If we were to combine capitalism with communism, we would end up with socialism. For leaders like Vladimir Lenin who's optimal goal was to achieve a communist society, socialism represented the stepping stone between capitalism and communism. In a socialist society, most of the property and factors of production are owned by the state (government). The main idea guiding this economy and political system is that what is good for one is good for all. Everyone works towards wealth and the government then distributes this wealth evenly. A classic characteristic of a socialist economy is one in which individuals pay high taxes which in turn the government uses to provide for the people (for example, services such as healthcare or education are provided for everyone by the state). Karl Marx is the philosopher and economist credited with developing the theories of socialism and communism. In his book the Communist Manifesto he describes the ills of capitalism and advocates for the overthrow in favor of a new and more equal society.
After you have read about the three types of political and economic systems. How would you describe the United States? Are we capitalist? Socialist? Communist? A combination? Use specific examples to support your response.

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In stark contrast to capitalism, communism is a political and economic system in which the government has complete ownership of the factors of production (land, labor, and capital). In a communist system, there is no opportunity for private enterprise (industry/business managed by independent companies or individuals) because everything is owned, organized, and managed by the state (government). It is important to note that state ownership is not the end goal of communism however. Instead, communism works to achieve a classless society where no government intervenes at all. This means that there would be no hierarchy, no currency, and no personal property. Individuals in a pure communist society would only produce and receive according to their abilities and needs. While there have been several attempts to achieve a purely communist society, there have not been any real world examples of this system successfully being implemented. Soviet leader Vladimir Lenin tried to achieve this in 20th century Russia (then known as the Soviet Union) but was unsuccessful, instead creating more of a socialist command economy.

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Also known as a free market, capitalism is a political and economic system in which individuals, not the government, determine how to address the three basic economic questions. Individuals are driven by the profit motive. The government takes a "laissez-faire" (hands off) approach to the economy, letting individual self-interest and supply and demand determine how the economy functions. These ideas originated from Adam Smith, a philosopher and economist considered to be the father of capitalism. Smith argued that the most efficient economy is one that is guided by the "invisible hand". Conduct your own research on the concept of the "invisible hand". In your own words, summarize this concept in a comment below.

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Economic systems describe how the basic economic questions of...
1) What to produce
2) How much to produce
3) Who gets what is produced

...are answered in a society.

Communism, capitalism, and socialism are where economic systems meet political systems, as these three terms describe how the government organizes and supports the economic systems for their nation.

For example, a nation could have a command economic system and a socialist economy.

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The United States operates under a mixed market. While private enterprise flourishes here, the government tries to play the role of a referee, making sure that the economy runs as smoothly as possible and works in the best interests of the public.

In a comment below, provide 2 examples of the ways in which the U.S. government regulates our economy. Please do not repeat answers. There are MANY ways in which the government carries out economic regulation.

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Economic systems describe the way in which society addresses the issue of scarcity (unlimited needs and wants with limited resources). To learn more about the four types of economic systems that exist, click HERE to watch a short video! You can use the attached chart to help you organize the information presented.