Economic Systems

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

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

• Socialism
• Communism
• Capitalism

In a Communist country, workers have no ________ to work harder.

• Time
• Help
• Ability
• Incentive

Tags

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RL.7.4

CCSS.RL.8.4

CCSS.RL.9-10.4

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.

According to the law of supply and demand, how does over-manufacturing of a product affect the price?

• Over-manufacturing reduces the price of a product.
• Over-manufacturing creates jobs to improve the economy.
• Over-manufacturing raises prices to offset production costs.
• Over-manufacturing leads to peaks in the business cycle.

What does communism believe in?

• Economic system with individuals having private ownership of money/production.
• Maintaining total control over society. 
• Economic equality through elimination of private property.
• A government of the people, by the people, for the people.

Karl Marx's ideas inspired

• free market economies
• democracies
• technological innovation
• dictatorships