Economic Systems: Capitalism vs. Communism

1. The goal of this economic system is to make a profit (even if it means exploiting workers with bad working conditions & low pay)

• Communism

• Capitalism

1. This economic system was created as a response to the inequality and poor working conditions created by industrialization

• Communism

• Capitalism

1. Individuals own the factors of production

• Communism

• Capitalism

1. Everything is shared equally (even if you work harder than someone else)

• Communism

• Capitalism

1. Government owns everything

• Communism

• Capitalism

1. Current Day Example = USA

• Communism

• Capitalism

1. High government regulation of businesses

• Communism

• Capitalism

1. The aim of this economic system is to create equality among all classes

• Communism

• Capitalism

1. Businesses compete against one another

• Communism

• Capitalism

1. Current Day Example = North Korea

• Communism

• Capitalism