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Economic Systems: Capitalism, Socialism, and Communism

Economic Systems: Capitalism, Socialism, and Communism

Assessment

Presentation

Social Studies

10th Grade

Practice Problem

Easy

Created by

Antone Lopez

Used 1+ times

FREE Resource

11 Slides • 11 Questions

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Open Ended

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How do different values and beliefs influence the way economic systems answer the three basic questions of what, how, and for whom to produce?

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Multiple Choice

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Why is it important for a society to have an economic system?

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To organize the production and distribution of goods and services

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To ensure everyone has the same amount of money

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To eliminate all forms of government

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To prevent any changes in technology

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Multiple Choice

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Which of the following is a key feature of capitalism?

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Government ownership of major industries

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Central planning of production

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Private ownership of businesses and property

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Goods distributed based on need

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Multiple Select

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Which of the following are strengths of capitalism?

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Innovation

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Reduced inequality

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Consumer choice

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Basic needs met for all

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Open Ended

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Explain how the concept of the 'invisible hand' influences the functioning of a capitalist economy.

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Multiple Choice

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Which of the following statements is true about communism according to the slides?

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Private ownership of property is encouraged

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Money is used for exchange

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All property is collectively owned

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Government provides public services

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Multiple Choice

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Which of the following is a key difference between socialism and communism according to the comparison chart?

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Ownership is collective in both, but socialism allows some government/private ownership while communism does not.

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Both systems have high innovation.

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Social classes are present in both systems.

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Money is used in both systems.

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Open Ended

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How do different economic systems answer the three basic economic questions: What will be produced, how will it be produced, and for whom will it be produced?

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