Government - Ch. 24 L3 Guided Reading

A. Main Idea: Three major economic systems are used in the world today. 1. Detail: Societies have different economic systems to decide _______________ to produce, _______________ to produce it, _______________ whom, and _______________ whom.

• what, how, by, for

• how, what, for, to

• when, where, for, by

• who, what, how, for

The three major forms of economic organization in the world today are _______________, _______________, and _______________.

• traditional, command, market

• capitalism, socialism, communism

• industrial, agricultural, technological

• private, public, mixed

Capitalist economic systems are called free market or _______________ _______________ systems.

• capitalist, economic

• free enterprise

• traditional, barter

• mixed, socialist

Capitalist systems protect _______________ ownership of property and resources.

• private

• public

• communal

• state

B. Main Idea: Capitalism relies on private ownership and free markets. 3. Detail: _______________ and freedom of _______________ are present in a capitalist economy.

• competition, choice

• monopoly, speech

• equality, religion

• regulation, assembly

B. Main Idea: Capitalism relies on private ownership and free markets. 4. Detail: Capitalist systems depend on individual _______________ and entrepreneurs who hope to make money, or _______________.

• initiative, profit

• cooperation, charity

• obedience, loss

• regulation, taxes

In most capitalist mixed economies, the government provides _______________ that the private sector is unlikely to provide and it also _______________ and taxes the private sector.

• private goods and services; subsidizes
• public services and goods; deregulates
• private goods and services; monitors
• services, regulates

C. Main Idea: Socialism has elements of both capitalism and communism. 1. Detail: The basic goal of a socialist economy is to share wealth more _______________ in a society.

• equally

• quickly

• privately

• randomly

Under socialism, major industries are _______________ owned, and other industries may be _______________ owned and operated.

• government, privately

• publicly, privately

• corporately, individually

• individually, corporately

In a socialist economy, the government provides social benefits such as free ________________ care, education, and retirement and unemployment ________________.

• medical; benefits

• dental; taxes

• legal; wages

• child; insurance