Communism, Socialism, Capitalism

Who created the concept for communism?

• Kevin Max

• Bob Ewell

• Karl Marx

What would be best described as an economic system?

• An organized system in which the government allocates, distributes, and trade the wealth of a country

• A nation's way of addressing economic issues in the country

• A system in which a government decides who gets what

What are the characteristics of capitalism?

Select all that apply:

• Public ownership

• Competition

• Free Market Trade

• Profit/Loss

• Private Ownership

Describe the concept of supply and demand:

(a)  

What time of economic system does the US have?

• Socialism

• Capitalism

• Communism

Why is socialism not communism?

• It's a different name

• The public still has the right for some private ownership

• Effort and reward system

What best describes socialism?

Select all that apply:

• Collective ownership w/ few exceptions

• Lies in the middle of capitalism and communism

• Strives to economically equalize all parts of society

• Economic regulation

What percentage of our GDP do we rely on the competition of small businesses?

• 80%

• 51%

• 50%

• 25%

Capitalism believes that __________ should/n't interfere with business.

• foreign affairs

• the president

• society

• the government

Who blames capitalism for creating a gap between the rich and the poor?

• Economists

• Socialists

• Communists

• Society