Economic Systems

"From each according to his ability," meant

• People would work at what the company needed.

• People would work if they wanted to.

• People would work at what they loved and did well.

• People would work until they got tired.

Abolition of private property in land and destine it to public purposes for all to use.

• Capitalism

• Socialism

• Communism

"To each according to his need" meant

• It would distribute goods and services to everyone as they required them.

• It would distribute goods and services to those that invested their own money.

• It would distribute goods and services to everyone as they wanted them.

• It would distribute goods and services to unequally.

The community would take care of those who couldn't work. Those who were able to work would be motivated by enlightened self-interest.

• Capitalism

• Communism

• Feudalism

• Socialism

The leaders create a plan that outlines their choices. It's executed with laws, regulations, and directives.

The goal of the plan is to give to "each according to his need."

• Socialism

• Capitalism

• Communism

• Feudalism

The laws of supply and demand don't set prices, the government does.

• Socialism

• Capitalism

• Communism

• Feudalism

China,Cuba and North Korea are incorrectly described as

• Socialist

• Communist

• Capitalist

• Mixed

An economic system where the means of production are owned by private individuals.

• Feudalism

• Capitalism

• Communism

• Socialism

Companies live by the profit motive. They exist to make money.

• Feudalism

• Communism

• Socialism

• Capitalism

An economic system where the means of production, such as money and other forms of capital, are owned by the state or public.Everyone works for wealth that is in turn distributed to everyone based on their contribution.

• Socialism

• Feudalism

• Capitalism

• Communism

• Mixed