Capitalism and Socialism

Government control of industry.

• Capitalism
• Socialism

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 

The government has some control over the economy and provides basic services like health care and housing.

• Capitalism
• Socialism
• Communism

Capitalism promotes competition with other products and businesses.

• True

• False

Socialism distributes goods to each individual's needs.

• True

• False

In a socialist society, every person would be unequal, regardless of race, gender, religion, or nationality.

• True

• False

In Capitalism, businesses are constantly competing to have the most customers and to make the most money and individuals are focused on what's best for themselves.

• True

• False

Generally speaking, the more socialist a country is the higher the taxes will be.

• True

• False

What best describes a mixed economy:

• An economic system that protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims such as old age pension plans.

• An economic system combining private and public businesses.

• An economic system that combines aspects of both capitalism and socialism.

• Most modern economies such as Canada and the US because they feature a combination of two or more economic systems (Capitalism and Socialism).

• All of the above are true of a market economy.