New Economic Systems

an economy where the means of production are privately owned and based on seeking profit

• communism

• socialism

• capitalism

• egocentrism

Karl Marx’s idea of an equal society without social classes- everyone would share the factors of production

• Capitalism

• Imperialism

• Communism

• Mercantilism

Property is owned by the state

• Communism
• Capitalism

System of government is totalitarian

• Communism
• Capitalism

The government should interfere in the economy as little as possible

• Communism
• Capitalism

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

• Socialism
• Communism
• Capitalism

How does socialism differ from capitalism?

• In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.
• In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
• In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
• In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.

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 

What is a key difference between capitalism and communism?

• Private Property is allowed in Capitalism
• Communism allows for a free market
• Capitalism, in theory, spreads the wealth evenly
• Communism encourages entrepreneurship 

According to Adam Smith in The Wealth of Nations, what is his opinion on taxation?

• Taxes should be paid to cover full health coverage for everyone

• Taxes should be the same amount for all members of society

• Taxes should only be paid by the wealthy

• Taxes should be based on income