Factors of production and the method used to coordinate
Who owns the factors of production and the method used to coordinate economic activity?
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A. The market system:
1. There is private ownership of resources.
2. Markets and prices coordinate and direct economic activity.
3. Each participant acts in his or her own self-interest.
4. In pure capitalism the government plays a very limited role.
5. The government plays a generous role in the U.S. version of capitalism
B. Command economy, socialism or communism:
1. There is public (state) ownership of resources.
2. Economic activity is coordinated by central planning.
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