There are many different types of economic systems including pure capitalism, market socialism, and command economy. Each economic system tries to deal with economic scarcity in its own way and each have there own economic theories. To deal with scarcity they have set theories and facts and experiments and through time we have learned the way each deal with scarcity. Pure capitalism uses complete private ownership to promote competition in the economy. This promotes better production through competition and limits the consumption of the scar ....