GROUP MEMBERS:

BILAL KHAN (100649) ABDUL HANAN(100664) MINHAJ AKBAR(100634)

y Economy and Economic systems y Economic development, economic thesis and history y Communism and capitalism, key principles y Conclusion

y Basic (General definition) definition y Structural definition y Importance y Microeconomics and macroeconomics y Mixed Economy

Economics is the social science that analyzes the production, distribution, and consumption of goods and Services.

y The term economics comes from the Ancient Greek

(oikonomia, "management of a word
household, administration") from
(oikos, "house") + (nomos, "custom" or "law"), hence "rules of the house(hold)

It is the study of how people use limited resources to meet unlimited demand. In general it is defined as study of supply and demand.

y people are highly economic minded y Economy has to decide how to use scarce resources

y In Micro economics we study the economic behavior

of an individual. y In macro economics we study the economic behavior of the large aggregates

In a mixed economy the government tends to own major industries y individuals own most small businesses
y

y Capitalism y Socialism y Communism

y Capitalism is an economical and political system in

which country s trade and industry are controlled by private owners for profit. y Capitalism is a social system based on the principles of individual rights.

y it is defined as any of various economic and political

theories advocating collective or governmental ownership and administration of the means of production and distribution of goods

y What is communism y What is proletariat y Ideology of communism y Thinkers y Key principles

y Communism is the doctrine of the conditions of the

liberation of the proletariat. y It can also be defined as Communism, as a system of government in which the state plans and controls the economy to make progress in which all goods are equally shared by the people.

y The proletariat is that class in society which lives

entirely from the sale of its labor and does not draw profit from any kind of capital; whose life and death, whose sole existence depends on the demand for labor.

y Communism is a system of government in which the

means of production are the property of the entire society rather than individuals.

y Karl Marx y Vladimir Lenin y Joseph Stalin

y Free the lower class from poverty and give the poor a

fighting chance. y government would have to control all means of production so that no one could outdo anyone else by making more money.

y Positive aspects  complete equality, no poor, no rich .  It is good when you have a good leader.  it becomes people more humane and less materialistic.

y Negative aspects  lazy people  fails to provide specific protections for

the individual.  Huge hurdle in the way of innovation.  No spirit for personnel success.

y If you think communism is good, more power to you.

Just don't forget where communism comes from and how it's supporters have used domination to deprive citizens of their rights, of their property, and of their lives in order to make it happen.