Comparing Polit and Econ Systems & Spice Girls "3 Lists"

The father of modern socialism and communism, and most significant critic of capitalism as it developed during the early Industrial Revolution.

• Adam Smith

• Thomas Paine

• Marie Curie

• Karl Marx

• Madama C. J. Walker

This German philosopher called capitalism the "dictatorship of the proletariat" and believed it would eventually self-destruct.

• Adam Smith

• Thomas Paine

• Marie Curie

• Karl Marx

• Madame C. J. Walker

How do citizens of a typical socialist country help to fund government programs?

• by paying higher taxes

• by giving up pensions

• by paying higher rents

• through welfare payments

• none of the above

Which factor of production exists whether or not humans are involved?

• all factors of production

• labor

• capital

• land

• none of the above

Select all of the listed components of a free market system.

• buyers and sellers are free to buy and sell as they wish

• workers can quit their jobs and seek new ones

• private ownership of capital and investments are determined by private decision, not public authorities

• most likely to exist in a democratic nations, where security and the rule of law are protected by the government

• none of the above

TRUE, FALSE, or DIFFICULT TO DETERMINE: A free enterprise system lets consumers, entrepreneurs, and workers enjoy freedom of choice.

• TRUE

• FALSE

• DIFFICULT TO DETERMINE

TRUE, FALSE, or DIFFICULT TO DETERMINE: A capitalistic system--a free enterprise system--is based on four fundamental factors: private ownership, individual initiative, profit, and competition.

• TRUE

• FALSE

• DIFFICULT TO DETERMINE

TRUE, FALSE, or DIFFICULT TO DETERMINE: The protection of the rights of private ownership is also important, particularly in the United States. The 5th and 14th amendments declare that no person may be deprived “of life, liberty, or property, without due process of law.” The 5th Amendment also says that “just compensation” must be paid to owners when their private property is taken for some public use.

• TRUE

• FALSE

• DIFFICULT TO DETERMINE

In a free enterprise system, individuals own the right to their own labor. They sell that labor by taking a job, and the pay they receive represents the price paid for their work. In other economic systems, workers may have little choice as to the kinds of work they will do and little opportunity to change jobs or pay.

• TRUE

• FALSE

• DIFFICULT

Select the four fundamental factors of "a capitalistic system--a free enterprise system"...from the following list.

• private ownership

• individual initiative

• strict governmental regulation and control of production

• profit

• competition