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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Segregation in the workplace
Stalin saw economic life as a collective matter, he prohibited having private property.
All the industries were now the property of the Nation and all the lands and the livestock were collectivized. When farmers complained or refused they were deported or executed.
Answer:
Option D.
The AIDS has become the global pandemic in recent years.
Explanation:
- AIDS is the disease caused by HIV retro virus. It suppresses the immune system and causes gradual sickening of the host and finally death.
- The Black Death or Plague is the disease that affects humans and mammals. It is caused by bacteria and human suffer when bitten by rodent flea or handling of animals infected. It was one of the worse pandemics in the 14th century in Europe.
- The Spanish flu was the disease that became pandemic in 1918. It is caused by virus H1N1 influenza virus, similar to the virus of birdflu.
