The economic systems and their characteristics are:
Capitalism:
- emphasizes competition
- rewards personal initiative
- pursuit of profit
- advocated by Adam Smith, the “father of modern economics” and author of The Wealth of Nations; doctrine of economic opportunity with little to no government intervention
- doctrine that people can be more prosperous without government intervention
Mercantilism:
- private ownership
- governments sought to gain power by accumulating more wealth than other nations
Communism:
- grew out of socialism
- was a reaction to capitalism
- controls not only all factors of production, but all areas within society
- classless society
- system most associated with Karl Marx, co-author of The Communist Manifesto with Friedrich Engels
- North Korea
Socialism:
- seeks an economy under the collective social control of the working class
- Sweden
<h3>What are types of economic systems?</h3>
Capitalism or Free enterprise is a system that encourages people to get into business for the purpose of making profit. It also allows for private ownership of assets.
Communism does not allow for private ownership and does not believe in a society that has classes. North Korea is an example even though it has classes.
Socialism is a system that calls for the economy to be run by the working class while mercantilism calls for governments to accumulate wealth.
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Answer: (quit)
Explanation: By the summer of 1787, many participants in the rebellion received pardons from newly-elected Governor John Hancock. The new legislature placed a moratorium on debts and cut taxes, easing the economic burden the rebels were struggling to overcome. Shays was pardoned the following year
Answer:
He vetoed it.
Explanation:
The Second Bank of the US was created in 1816 because the First Bank’s charter expired and there was no central bank to regulate state banks.
Because of that, the US Congress passed a law that chartered the Second Bank of the US, it was created to help the national treasury.
President Jackson vetoed the recharter of the Second Bank, he believed that this institution endangered the foundations of American liberty and democracy because it encouraged imbalance of power between rich and poor.
In California? Because as of Sep 8, 2020, 2 million acres have been burned.
