ECONOMIC SYSTEM AND IT’S

TYPES

-BY GARIMA SINGH

 MEANING:-
• An economic system is a system of
production, resource allocation, exchange
and distribution of goods and services in a
society or a given geographic area.
BENEFITS OF ECONOMIC SYSTEM:
• Creates potential for mass mobilization of
necessary resources due to government
control
• Creates additional jobs for community
members and citizens due to increased
mobility of resources
• Focuses on benefits to society over individual
interests
TYPES OF ECONOMIC SYSTEM:

Capitalism Socialism
Economy Economy

Communism Fascism
Economy Economy
 Capitalist Economy
• is referred to as the economic system where
the factors of production controlled by the
private individuals.
• Features of Capitalism:

Private property

Free trade

Profit motive: 
Government
interference
Freedom of
enterprise
 Socialism Economy
•  It is a system of production where goods and
services are produced directly for use.
• Contrast to a capitalist economic system.
• Feature of Socialist Economy

Collective Ownership Central Economic

of Resources Planning

No Choice for Equal Distribution of

Consumers Income
 Communism Economy
• That aims to replace private property and a
profit-based economy with public ownership
 and communal control of at least the major
means of production.

Classless Private
Society Ownership

Against
Democr Social
acy Equality
Common
Ownershi
p of
Resource
s
 Fascism Economy
• Fascism is a form of far-right, authoritarian ultranationalism
marked by forcible suppression of opposition, dictatorial
power, and strong regimentation of society and economy. 
• Features of fascism:

Nationali
zation

Totalitari Economy
anism Features

Action
THANK YOU