Capitalism and Communism

It is a social and economic system where both the means of production (land, equipment, raw materials, etc.) are privately owned.

• Capitalism

• Communism

• Socialism

• Feudalism

In capitalism, the businessman raises some capital/money, which could be from either his own money, bank loans or the sale of shares.

• True

• False

What are the strengths of capitalism?

• The government provides basic necessities

• It incentivizes hard work and innovation

• All profits go to businessmen

• It removes social classes

What are the weaknesses of capitalism?

• There is no motivation for businesses to be competitive

• It does not reward people who work hard

• It equates success to financial gain

• It leads to inequality

In capitalism, a surgeon will earn MORE/THE SAME than a street cleaner because... (Select 2)

• More

• The Same

• A surgeon spent a long time training to be doctor and capitalism rewards hard work

• The government will pay everyone the same regardless of how hard they work

When all manufacturing, or “means of production” (land, factories, equipment, etc.) are equally owned by all the members of the state.

• Capitalism

• Communism

Who proposed the modern idea of communism?

• Adam Smith

• Karl Marx

• Richard Arkwright

• George Washington

What did Marx write to promote communism?

• Horrible Histories

• Imperialism, The Highest Stage of Capitalism

• The Communist Manual

• The Communist Manifesto

All are features of communism, except...

• No private ownership of property

• Workers are employed by rich businessmen

• All workers are employed by the government

• Classless society

All countries adopted communism, except...

• China

• Soviet Union

• United States of America

• North Korea