Types of Economic Systems. Capitalist In a capitalist or free-market country, people can own their own businesses and property. People can also buy.

Types of Economic Types of Economic SystemsSystems

CapitalistCapitalist

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

But most capitalist governments also But most capitalist governments also provide their own education, health and provide their own education, health and welfare services. welfare services.

CommunistCommunist

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

It provides its people's healthcare, It provides its people's healthcare, education and welfare. education and welfare.

SocialistSocialist

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

large superstores, etc. are owned by large superstores, etc. are owned by individuals.individuals.

Businesses such as healthcare, welfare, Businesses such as healthcare, welfare, etc are run by the government.etc are run by the government.

United KingdomUnited Kingdom

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

industrialized. industrialized. Two world wars weakened the economy Two world wars weakened the economy

of the United Kingdom. of the United Kingdom. Its colonial empire began to collapse as Its colonial empire began to collapse as

African and Asian colonies gained their African and Asian colonies gained their independence from the United Kingdom.independence from the United Kingdom.

United KingdomUnited Kingdom

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

The United Kingdom ranks fifth among The United Kingdom ranks fifth among the world’s top 40 industrial powers.the world’s top 40 industrial powers.

United KingdomUnited Kingdom

Mixed Economy:Mixed Economy: combines a few state-owned businesses combines a few state-owned businesses

with private enterprise. with private enterprise. Shortly after World War II ended in 1945, the Shortly after World War II ended in 1945, the

Labour Party was voted into office. Labour Party was voted into office. The new government quickly claimed The new government quickly claimed

ownership of the nation’s key industries—ownership of the nation’s key industries—railways, steel plants, and health care. railways, steel plants, and health care.

IrelandIreland

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

Production of field crops is limited by Production of field crops is limited by heavy rains that keep the soil too wet to heavy rains that keep the soil too wet to grow much except potatoes. grow much except potatoes.

few mineral resources.few mineral resources.

IrelandIreland

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

Seafood comes from ocean waters Seafood comes from ocean waters surrounding the island. surrounding the island.

Families or small businesses usually Families or small businesses usually operate cattle farms and fishing boats.operate cattle farms and fishing boats.

Improving Ireland’s Improving Ireland’s EconomyEconomy

Market improved after Ireland joined the Market improved after Ireland joined the European Union.European Union.

Ireland recruited foreign industries with offers Ireland recruited foreign industries with offers of low taxes. of low taxes.

Companies responded by moving hundreds of Companies responded by moving hundreds of factories to Ireland. factories to Ireland.

They import raw materials, turn the materials They import raw materials, turn the materials into finished products, and sell them in Europe.into finished products, and sell them in Europe.

Improving Ireland’s Improving Ireland’s economyeconomy

Now Ireland is also a world leader in Now Ireland is also a world leader in computer software. computer software.

Thousands of new jobs have been Thousands of new jobs have been created in the high- tech fields. created in the high- tech fields.

Ireland’s population is growing again.Ireland’s population is growing again.

Population MapPopulation Map

Nordic RegionNordic Region

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

Education, health care, government Education, health care, government administration, transportation, banking, or administration, transportation, banking, or trade, tourism.trade, tourism.

FinlandFinland

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

Skilled labor and business management have built Skilled labor and business management have built profitable industries in a nation with few resources. profitable industries in a nation with few resources.

Farm machinery, electric motors, generators, and Farm machinery, electric motors, generators, and machinery for paper and lumber industries. machinery for paper and lumber industries.

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

The most well known Finnish company is Nokia, the The most well known Finnish company is Nokia, the world’s largest manufacturer of mobile phones.world’s largest manufacturer of mobile phones.

NorwayNorway

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

Norway manufactures fuel oil, rubber, and Norway manufactures fuel oil, rubber, and plastics. plastics.

The country also produces clothing, electrical The country also produces clothing, electrical machinery, and furniture. machinery, and furniture.

Norway is one of the world’s largest processors Norway is one of the world’s largest processors of aluminum, a metal that requires large of aluminum, a metal that requires large amounts of electricity to manufacture.amounts of electricity to manufacture.

NorwayNorway

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

Another major ocean-based industry is Another major ocean-based industry is the Norwegian merchant marine. the Norwegian merchant marine.

Ships from this fleet carry freight from Ships from this fleet carry freight from other nations throughout the world.other nations throughout the world.

IcelandIceland

Iceland’s most important industry is fish Iceland’s most important industry is fish processing. processing.

The country also produces aluminum, The country also produces aluminum, cement, clothing, and electrical cement, clothing, and electrical equipment.equipment.

Iceland’s underground supply of Iceland’s underground supply of geothermal energy may soon encourage geothermal energy may soon encourage greater industrial development. greater industrial development.