1. LaborCapital Land

2.  Production  Consumption  Manufacturing  Regulation  Distribution  Circulation

3.  Economic Systems mainly deals with the relationship between production (Supply) and Consumption (Demand).

4.  1.Capitalism  2.Socialism  3.Mixed Economy  4.Communism

5.  Form of economy in which all the factors of production are owned operated and  controoled by the private owners is called  Capitalism.

6.  Pros:  1.Free Market Economy(Lassez Faire Economy)  2: Competition  3: Profit as per Hard work & Intelligence  4: More Activity  5: More Productivity  6: FDI

7.  Cons:  Haves & haves not  2: What about Social welfare?  3:Lack of Job security  The United States and Japan are examples of a Capitalist Economy

8.  The Form of economic system in which all the factors of production are owned operated and controlled by the state.  social and economic economic doctrine that calls for public rather than private ownership or control of property and natural resources.  According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another. Furthermore, Furthermore, everything that people produce is in some sense a social product, and every one who contributes to the production of a good is entitled to a share in it. Society as a whole, therefore, should own or at least controlproperty for the benefits

9.  Pros: 1: Classless society 2: Social welfare 3: Employment for all 4: Good for lovers 5: Price control by state 6: Low cost of Production

10.  Cons: 1: Laziness 2: Corruption 3:absence of competition 4: Monopoly, Monopsony & Oligopoly 5: Enforcement by force  Canada, Germany, Sweden, Australia and Great Britain are all examples of socialist economies

11.  Form of economy which is partly privatized and partly public.  It is the combination of both systems.  India and Russia

12.  Combination of Market and Command economic systems  Market forces control most consumer goods  Government directs industry in need areas

13.  Communism - Marxism &The Communist Manifesto  Communism, which is also described as "Revolutionary Proletarian Socialism" or "Marxism," is both a political and economic philosophy.  The strictest form of socialism is called Communism

14.  Controlled by strong, centralized government  Usually focuses on industrial goods  Little attention paid to agriculture and consumer goods  Cuba, North Korea, and China are examples