What are the 3 types of economic systems—
benefits and disadvantages
Capitalism- an economic system in which all or most of the means of production and distribution are privately owned and operated for profit
Socialism- an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be distributed among the people.
Communism- an economic and political system in which the state (the government) makes almost all economic decisions and owns almost all the major factors of production