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:
Explain in as much detail as possible.
Explanation:
Usually 10 mark questions want you to make your point and then expand on it, try and get as many facts as you can in without making it sound overly complicated. Then expand on your points and analyse the impacts and significance of the event you're talking about and how it can be linked to the main idea. Good luck!
Multiple reasons. Firstly, Britain (a world-wide power) was setting humongous taxes on imported and exported goods. (As in the 'Tea Party' the Americans rebelled by throwing the tea into the sea). The colonies were irritated by this whole control, and wanted more power and say in what taxes were put on them.
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