Comparing Economic Systems

Newsela Article

Multiple Select

What questions do economic systems answer?

• What resources does a country have?

• What can be produced?

• How should goods and services be produced from the resources?

• How should goods and services be distributed?

• How much money shoud the people have?

Fill in the Blanks

True or False: All economic systems in the world answer the basic economic questions the same way.

Match

Match the following with the correct label

• Labor

• Management

• Capital

• Land

This is the work of the people who produce goods and services.

This is the people who organize and direct the other three groups.

This is money, factories, heavy machinery or anything used to produce goods.

This includes all natural resources, such as soil, water, air and minerals.

• This is the work of the people who produce goods and services.

• This is the people who organize and direct the other three groups.

• This is money, factories, heavy machinery or anything used to produce goods.

• This includes all natural resources, such as soil, water, air and minerals.

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Before the mid-1800s, much of the ​

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world followed a course where ​

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owned private property, ​

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, and the profits that came from good investments. This is called ​

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.

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Western

individuals

businesses

capitalism

Eastern

Northern

governments

stores

market

Multiple Select

Who wrote the Communist Manifesto?

• Karl Marx

• Leon Trotsky

• Friedrich Engles

• Joseph Stalin

Multiple Choice

What did the authors of the Communist Manifesto believe would happen under capitalism?

• eventually the economy would reach equilibrium

• those with less money would demand wealth be distributed evenly among all people

• there would be a lack of growth in the economy

• people with more money would share it with those who had less

Multiple Select

What two beliefs is capitalism based on?

• private ownership

• public ownership

• individual economic freedom

• equal distribution of resources

• the idea that all people should have equal access to resources

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Capitalism says that people should

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​

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. The business or person with the​

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product and production will be the most

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.

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compete

freely

best

profitable

help

together

cheapest

worst

sucessful

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With​

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and​

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prices are determined by ​

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there are and

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want them. It works in a

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to keep prices from getting too high or too low.

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supply

demand

how many products

how many people

cycle

scaricty

scarcity

how many businesses

the govenrment

pattern

Multiple Choice

Who was the 19th century father of Communism?

• Vladimir Lenin

• Karl Marx

• Leon Trotsky

• Friedrich Engels

Multiple Choice

What is one of the most important principles of communism?

• private ownership of businesses and properties

• no private ownership of property

• equal distribution of resources

• free competition

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The goals of

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are to do away with​

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between the rich and poor and to have an

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economy for everyone.

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communism

the gap

equal

socialism

capitalism

differences

money

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​ Socialism, like

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, calls for putting the major means of production in the hands of​

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, either directly or through the government. ​

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also believes that wealth and income should be shared more

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among people.

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communism

the people

Socialism

equally

capitalism

the government

businesses

dissimilarly

Multiple Choice

What is the name for socialists in Europe that believe that socialism should be somewhere between capitalism and communism?

• Bernie Sanders

• Social Democrats

• Communists

• Balanced Socialists

Multiple Select

How does socialism differ from communism? (two answers)

• it does not believe that workers will overthrow capitalists

• it believes in having no private property

• it does not believe in taxing the people

• it does not believe that all private property should be elimiated

Fill in the Blanks

True or False: There are no purely capitalist or communist economies in the world today