Economic Philosophies

In which economic system is the GOVERNMENT in control of land, resources, and factories?

• Socialism

• Capitalism

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

• Communism

• Socialism

• Capitalism

According to Adam Smith, who should make economic decisions?

• Central government authorities

• Wealthy elites

• The working class

• Individuals pursuing their own self-interest

What was Karl Marx's attitude toward private property?

• He believed in the importance of private property rights.

• He advocated for the common ownership of property.

• He argued for state control of all property.

• He saw property as a source of individual freedom.

What was the overall goal of Adam Smith's philosophy?

• To establish a communist society based on collective ownership

• To maximize individual freedom and promote economic prosperity

• To centralize economic power in the hands of the government

• To create a society where property ownership is abolished

What was the overall goal of Karl Marx's philosophy?

• To maximize individual freedom and promote economic prosperity

• To establish a communist society based on collective ownership

• To create a society where property ownership is abolished

• To centralize economic power in the hands of the government

In which economic system are the working class people as a WHOLE in charge of owning land, resources, and factories?

• Communism

• Socialism

• Capitalism

Low production of resources is a weakness of which 2 systems?

• Capitalism and Communism

• Communism and Socialism

• Socialism and Capitalism

The government is strongly involved in which economic system?

• Capitalism

• Socialism

Competition is encouraged in which system?

• Communism

• Capitalism

• Socialism