Industrialization Capitalism v. Communism

A key aspect of capitalism is private ownership of property.

• True

• False

In communism, there is private property (you can own your own home or business)

• True

• False

What is the economic system based off private ownership and individual choice?

• Capitalism

• Communism

Which economic system abolishes all private property and personal wealth, and has all goods and services shared according to people's needs?

• Capitalism

• Communism

Who is known as the Father of Communism?

• Adam Smith

• Karl Marx

• Jethro Tull

• Matthew Crabtree

Who was known for his ideas about capitalism and wrote, "The Wealth of Nations"?

• Karl Marx

• Adam Smith

• Jethro Tull

• Louis XVI

In which economic system is the government not involved in owning resources or making decisions?

• Capitalism

• Communism

• Absolute Monarchy

• Representative Democracy

Mrs. Brienza decides to open a flower shop. She decides which flowers to buy and what prices to sell them at. After a few months, she makes an enormous profit and decides to expand her business. Which economic system would Mrs. Brienza be living in?

• Capitalism

• Communism

Mrs. Brienza lives in a community. She grows and picks flowers on a community plot of land, then gives them to the local officials, who distribute them equally to other people. She lives in public housing because there's no private ownership. Which economic system would Mrs. Brienza be living in?

• Capitalism

• Communism

Which economic system provides the most incentive to innovate products, work hard, and be creative?

• Capitalism

• Communism