Economic Systems Economic Systems Production Dependent on varying degrees of governmental and public production, and intervention. Capitalism Modified Market Capitalism Market economy - Governed by supply and demand. Altered by governemental regulation.
Keys are ownership, competition.
Availibility of Supplies can be increased either through production or through conservation. Malthus predicted failure of the market economy because of population growth. He did not take into account new products, new methods of production, and world wars. United States has a modified market capitalist economy but may be borderline democratic socialist.