PreAice Unit 6 IFA

What is socialism?

• An economic system where private individuals control production and property.

• A political and economic system where the means of production and property have public ownership and are not controlled by the government.

• A form of government where the state plays a minor role in the economy.

• A system where the market is entirely controlled by supply and demand without government intervention.

What do socialist economies believe in?

• Laissez-faire economies.

• Command economies.

• Free market capitalism.

• Privatization of all industries.

Which country is given as an example of a Socialist government in the learning material?

• The United States of America.

• France.

• China.

• India.

What is communism?

• A type of government only

• A type of economic system only

• A type of government and an economic system

• A type of social hierarchy

In a communist system, who owns the land, factories, and machinery?

• Individual people

• Private corporations

• The government or the whole community

• Foreign investors

What is the goal for everyone in a communist system regarding wealth?

Which of the following is an example of a country that has been governed by a communist system?

• United States

• France

• Soviet Union (USSR)

• United Kingdom

What does capitalism refer to?

• A political system where the government owns all property

• An economic system where private businesses can have ownership of capital goods

• A social system based on equal distribution of resources

• A cultural movement that emphasizes individual artistic expression

In a capitalist system, who can own the means of production?

• The state

• Non-profit organizations

• Individuals

• International corporations only

How is the production of products determined in capitalism?

• According to government plans

• By the situation in the market

• Through collective decision-making

• Based on historical traditions