Capitalism, Socialism, Communism

Front

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

Back

Classless Society

Front

Laissez-faire means...

Back

Hands off

Front

The government or groups of workers might control these resources but the profits are divided among the people.

Back

Socialism

Front

In a socialist economy, the wealth is distributed evenly among citizens.

Back

True

Front

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

Back

Capitalism

Front

In a "pure" communist society, who are the wealthiest and most powerful people?

Back

No One--every member of society is supposed to be equal

Front

In a Communist country, workers have no ________ to work harder.

Back

Incentive

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 the scarcity of product that is in high demand affect prices?

Back

Scarcity of a high demand product increases the market value of the product.

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.