Economics
6.7(B)Three Ways to Run an Economy
Compare and contrast free enterprise, socialist, and communist economies in various contemporary societies, including the benefits of the U.S. free enterprise system.
Part of The student understands the various ways in which people organize economic systems
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Intro
Comparing Economic Systems
Every country must decide who owns farms, factories, and stores, and who decides what gets made and sold. These choices create an economic system. This lesson compares free enterprise, socialist, and communist economies, and explains why the U.S. free enterprise system benefits people.
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