The four types of economic system are communism, socialism, capitalism, and mixed economies. First communism is described as a society in which the people regardless of class own all the nations resources. The people through the government own and operate all businesses and factors of production. Communism appears to be efficient and equitable making it less of a gap between the rich and the poor. China, North Korea and Cuba are known for this type of system. Socialism in this case is an economic system in which the government owns and operates basic industries such as post office, postal services along with the utilities transportation and health care, but individuals own most of the business. Individuals and small business provide other foods and services based on the consumers demand and availability of resources. Sweden, India and Israel are democratic and recognize basic individual freedoms. Taxes and unemployment are generally higher in socialist countries. As a result these companies are also experiencing economic turmoil. Capitalism or free enterprise is an economic sys......

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