Economic systems play a big role in how we make choices every day. Let’s break it down simply:

1. Capitalism:

   • This system is all about private ownership and making money.
   • We can choose what we want to buy, but sometimes prices can be high because many people want the same things.

2. Socialism:

   • In this system, the government has more control, and things are shared more equally.
   • Basic needs, like food and healthcare, are usually taken care of, but there might be fewer choices available.

3. Mixed Economies:

   • This combines parts of capitalism and socialism.
   • We get the best of both worlds: the freedom to choose what we want and some support to help everyone live better.

In short, these systems influence how much things cost, what is available to buy, and how secure we feel about our money!