New Ways of Thinking

Front

In which economic system is the GOVERNMENT in control of land, resources, and factories?

Back

Socialism

Front

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

Back

Capitalism

Front

In which economic system are the working class people as a WHOLE in charge of owning land, resources, and factories?

Back

Communism

Front

The founder of communism

Back

Karl Marx

Front

Which is NOT a characteristic of Capitalism? Options: Market Economy, Supply and Demand, Freedom of Competition, Classless Society

Back

Classless Society

Front

This economic system is based on competition, profits, and self-interest.

Back

Capitalism

Front

How does socialism differ from capitalism?

Back

In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.

Front

According to the law of supply and demand, how does over-manufacturing of a product affect the price?

Back

Over-manufacturing reduces the price of a product.

Front

What does communism believe in?

Back

Economic equality through elimination of private property.

Front

What is the main principle of Rule Utilitarianism?

Back

An action is morally right if it conforms to a rule that leads to the greatest overall happiness.