Capitalism, Socialism, and Communism

This economic system is based on the private ownership of the means of production and their operation for profit.

(a)  

This economic system is defined by the collective ownership of the means of production for the benefit of all society.

(a)  

This economic system aims to create a governing body to control production and distribution of all economic activity.

(a)  

• Blank tends to think...

• The free market is necessary

• Competition is a good thing

• Owners are decision makers

• It’s not personal, it’s just good business

• Capitalists

• Communists

• Socialists

Blank tends to think...

• - Rules are there to protect us

  • - They are doing things for the greater good

• Capitalists

• Socialists

• Communists

Blank tends to think...

• - We’re all in this together

  • - Workers should have the right to decide

• Capitalists

• Socialists

• Communists

This individual wrote "The Wealth of Nations" and helped to develop and spread ideas regarding Capitalism.

• Adam Smith

• Karl Marx

• Fredrick Engels

These individuals wrote "The Communist Manifesto" and helped to develop and spread ideas regarding Communism

• Adam Smith & Ayn Rand

• Karl Marx & Friedrich Engels

In this economic system, a baker who own his own bakery, purchases ingredients, hires assistants, and sells baked goods does so to make a profit, which he is able to keep for himself.

• Capitalism

• Socialism

• Communism

In this economic system, certain property and means of production, likes mines, oil wells, and railroads, might be owned and operated by the government, while small businesses like bakeries and grocery stores might be owned and operated by individuals.

• Capitalism

• Socialism

• Communism