Types of Economic Systems. Communist In a communist country, the government owns property such as businesses and farms.

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Presentation transcript:

Types of Economic Systems

Communist

In a communist country, the government owns property such as businesses and farms.

Communist In a communist country, the government owns property such as businesses and farms. It provides its people's healthcare, education and welfare.

Socialist

Much like communist except some businesses are owned by individuals.

Socialist Much like communist except some businesses are owned by individuals. Examples: restaurants, heating and air, large superstores, etc. are owned by individuals.

Socialist Much like communist except some businesses are owned by individuals. Examples: restaurants, heating and air, large superstores, etc. are owned by individuals. Businesses such as healthcare, welfare, etc are run by the government.

Capitalist

In a capitalist or free-market country, people can own their own businesses and property. People can also buy services for private use, such as healthcare.

Capitalist In a capitalist or free-market country, people can own their own businesses and property. People can also buy services for private use, such as healthcare. But most capitalist governments also provide their own education, health and welfare services.

United Kingdom

Industrialization helped the U.K. grow.

United Kingdom Industrialization helped the U.K. grow. In the twentieth century other nations industrialized.

United Kingdom Industrialization helped the U.K. grow. In the twentieth century other nations industrialized. Two world wars weakened the economy of the United Kingdom.

United Kingdom Today, the United Kingdom has fallen behind the world’s strongest economies—those of the United States, Japan, and Germany.

United Kingdom Today, the United Kingdom has fallen behind the world’s strongest economies—those of the United States, Japan, and Germany. The United Kingdom ranks fifth among the world’s top 40 industrial powers.

United Kingdom Mixed Economy:

United Kingdom Mixed Economy: combines a few state-owned businesses with private enterprise.

United Kingdom Mixed Economy: combines a few state-owned businesses with private enterprise. Shortly after World War II ended in 1945, the Labour Party was voted into office.

United Kingdom Mixed Economy: combines a few state-owned businesses with private enterprise. Shortly after World War II ended in 1945, the Labour Party was voted into office. The new government quickly claimed ownership of the nation’s key industries—railways, steel plants, and health care.

Ireland

Ireland does not have resources for much large-scale agriculture or industry.

Ireland Ireland does not have resources for much large-scale agriculture or industry. Production of field crops is limited by heavy rains that keep the soil too wet to grow much except potatoes.

Ireland Ireland does not have resources for much large-scale agriculture or industry. Production of field crops is limited by heavy rains that keep the soil too wet to grow much except potatoes. few mineral resources.

Ireland Cattle, sheep, and horses thrive on the pasturelands.

Ireland Cattle, sheep, and horses thrive on the pasturelands. Seafood comes from ocean waters surrounding the island.

Ireland Cattle, sheep, and horses thrive on the pasturelands. Seafood comes from ocean waters surrounding the island. Families or small businesses usually operate cattle farms and fishing boats.

Improving Ireland’s Economy

Market improved after Ireland joined the European Union.

Improving Ireland’s Economy Market improved after Ireland joined the European Union. Ireland recruited foreign industries with offers of low taxes.

Improving Ireland’s Economy Market improved after Ireland joined the European Union. Ireland recruited foreign industries with offers of low taxes. Companies responded by moving hundreds of factories to Ireland.

Improving Ireland’s Economy Market improved after Ireland joined the European Union. Ireland recruited foreign industries with offers of low taxes. Companies responded by moving hundreds of factories to Ireland. They import raw materials, turn the materials into finished products, and sell them in Europe.

Improving Ireland’s economy Now Ireland is also a world leader in computer software.

Improving Ireland’s economy Now Ireland is also a world leader in computer software. Thousands of new jobs have been created in the high- tech fields.

Improving Ireland’s economy Now Ireland is also a world leader in computer software. Thousands of new jobs have been created in the high- tech fields. Ireland’s population is growing again.

Population Map

Nordic Region

In Nordic countries, service industries make up about 70 percent of each country’s economy.

Nordic Region In Nordic countries, service industries make up about 70 percent of each country’s economy. Education, health care, government administration, transportation, banking, or trade, tourism.

Finland

Timber is Finland’s most abundant raw material. It is made into furniture, paper, and plywood.

Finland Timber is Finland’s most abundant raw material. It is made into furniture, paper, and plywood. Skilled labor and business management have built profitable industries in a nation with few resources.

Finland Timber is Finland’s most abundant raw material. It is made into furniture, paper, and plywood. Skilled labor and business management have built profitable industries in a nation with few resources. Farm machinery, electric motors, generators, and machinery for paper and lumber industries.

Finland Finland’s shipbuilders make high-quality icebreakers and ferries.

Finland Finland’s shipbuilders make high-quality icebreakers and ferries. The most well known Finnish company is Nokia, the world’s largest manufacturer of mobile phones.

Norway

Norwegian oil pumped from the North Sea is the source of many petroleum products.

Norway Norwegian oil pumped from the North Sea is the source of many petroleum products. Norway manufactures fuel oil, rubber, and plastics.

Norway Norwegian oil pumped from the North Sea is the source of many petroleum products. Norway manufactures fuel oil, rubber, and plastics. The country also produces clothing, electrical machinery, and furniture.

Norway Norwegian oil pumped from the North Sea is the source of many petroleum products. Norway manufactures fuel oil, rubber, and plastics. The country also produces clothing, electrical machinery, and furniture. Norway is one of the world’s largest processors of aluminum, a metal that requires large amounts of electricity to manufacture.

Norway The Norwegian fishing industry is large and operates in all oceans.

Norway The Norwegian fishing industry is large and operates in all oceans. Another major ocean-based industry is the Norwegian merchant marine.

Norway The Norwegian fishing industry is large and operates in all oceans. Another major ocean-based industry is the Norwegian merchant marine. Ships from this fleet carry freight from other nations throughout the world.

Iceland

Iceland’s most important industry is fish processing.

Iceland Iceland’s most important industry is fish processing. The country also produces aluminum, cement, clothing, and electrical equipment.

Iceland Iceland’s most important industry is fish processing. The country also produces aluminum, cement, clothing, and electrical equipment. Iceland’s underground supply of geothermal energy may soon encourage greater industrial development.