Capitalism, Socialism and Communism

What is Capitalism?

• A system where the government controls business
• Capitalism is an economic system where the means of production are privately owned and operated for profit! 
• A economic system in which the people have limited rights
• An economic system in which most property and resources, such as factories or farms, are publicly owned or controlled.

______________get to make the economic decisions under capitalism.

• Individuals
• Government
• Literally no one
• The President 

A good is an object people want that they can touch or hold.

• True
• False

Which of the following is NOT a good?

• A basketball
• A pair of shoes
• Teaching 
• PS4

Which is NOT a characteristic of Capitalism?

• Market Economy
• Supply and Demand
• Freedom of Competition
• Classless Society

Laissez-faire means...

• Hats off
• Hands around
• Hands off
• Hands on

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

• Capitalism
• Communism 
• Socialism
• Mixed Economy

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

• True
• False

In a socialist country, citizens pay LESS in taxes than those who live in a capitalist country. 

• True 
• False

This person wrote "The Wealth of Nations" and believed the government should have a limited role in business.

• Bernie Sanders
• Adam Smith
• Charles Fourier 
• Hillary Trump