Capitalism vs Communism - Formative Assessment

In ___________, individuals own both private property and the means of production (factories, machines, tools, etc.).

• Capitalism

• Socialism

• Communism

• Mercantilism

In this system people make all economic decisions based on their own self-interest. In a pure __________ system, only

the forces of supply and demand control the economy.

• Capitalist

• Socialist

• Communist

• Mercantilist

_________ argued for Capitalism in his book The Wealth of Nations.

• Karl Marx

• Friedrich Engles

• Adam Smith

• John Locke

In this economic system, people may own private property, but the public controls the means of production.

• Capitalism

• Socialism

• Communism

• Mercantilism

In a socialist economy individuals have less freedom than communist economies, but more freedom than capitalist economies.

• True

• False

________ argued for Communism in The Communist Manifesto and Das Kapital

• Adam Smith

• Karl Marx

• Josef Stalin

• Vladimir Lenin

The term used for the working class, often used when describing the theories of Karl Marx

• Serfs

• Second Estate

• Bourgeoisie

• Proletariat

The term used for the middle class, used in the 1700s and 1800s

• Proletariat

• 3rd Estate

• Bourgeoisie

• Vassals

In ___________, the government/people as a group own all property and the means of production. Goods and services are shared equally.

• Capitalism

• Socialism

• Communism

• Mercantilism

This economic system is related to the idea of "survival of the fittest".

• Capitalism

• Mercantilism

• Socialism

• Communism