7c.Economic Systems: Capitalism, Socialism, and Communism

Question 1

Goal of Capitalism

Answer 1

Self-interest, make your own profit

Question 2

Goal of Socialism

Answer 2

Equalish society, redistribute things based on need

Question 3

Goal of Communism

Answer 3

No class society, no class distinctions, equal society

Question 4

Belief of Capitalism

Answer 4

Competition = good for society

Question 5

Belief of Socialism

Answer 5

Cooperation = good for society

Question 6

Belief of Communism

Answer 6

Equalness = good for society

Question 7

Capitalism - Social Classes?

Answer 7

Yes

Question 8

Socialism - Social Classes?

Answer 8

Some

Question 9

Communism - Social Classes?

Answer 9

None

Question 10

Capitalism - who runs businesses?

Answer 10

Individuals

Question 11

Socialism - who runs businesses?

Answer 11

Government, except for small businesses

Question 12

Communism - who runs businesses?

Answer 12

Government

Question 13

Capitalism - regulation of production by who?

Answer 13

Individuals

Question 14

Socialism - regulation of production by who?

Answer 14

Individuals and the government

Question 15

Communism - regulation of production by who?

Answer 15

Government

Question 16

Capitalism - who can you work for?

Answer 16

Anybody

Question 17

Socialism - who can you work for?

Answer 17

Some work for the government, others small businesses

Question 18

Communism - who can you work for?

Answer 18

Most work for the government

Question 19

Who wrote about Capitalism?

Answer 19

Adam Smith, Wealth of Nations

Question 20

Who wrote about Socialism and Communism?

Answer 20

Karl Marx, Communist Manifesto

Question 21

“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest”

Answer 21

Capitalism, Adam Smith

Question 22

“While there’s capitalism, there’ll be socialism, because there is always a response to injustice.”

Answer 22

Socialism, Robert Owen

Question 23

“Workers of the world unite.”

Answer 23

Communism, Karl Marx

Question 24

Characteristics of Capitalism

Answer 24

Hands off government, Laissez-faire, supply and demand determine prices

Question 25

Characteristics of Socialism

Answer 25

Gov. and its people collectively own and earn, 50/50 shared interest in the economy

Question 26

Characteristics of Communism

Answer 26

Everything is controlled, everyone is equal.

Question 27

Capitalism - type of economy

Answer 27

Free Market, large gaps between rich and poor

Question 28

Socialism - type of economy

Answer 28

Mixed, smaller gaps between rich and poor

Question 29

Communism - type of economy

Answer 29

Command/Planned, no gaps, no rich and poor