What is the political and economic theory derived from the ideas of Karl Marx, where the government owns all businesses and farms and provides its people's healthcare, education, and welfare?

• Capitalism

• Communism

• Socialism

• Feudalism

Fill in the blank: One advantage of communism is that it ______ equality.

• embodies

• discourages

• ignores

• reduces

Fill in the blank: One disadvantage of communism is that it hampers personal ______.

• growth

• wealth

• freedom

• happiness

Fill in the blank: Communism does not give ______ freedom.

• financial

• political

• religious

• social

Which of the following is an example of a country that has practiced communism?

• United States

• China (1949 - present)

• France

• India

What is socialism?

• An economic ideology where the government owns many of the larger industries and provides education, health, and welfare services while allowing citizens some economic choices.

• An economic ideology where all industries are privately owned.

• An ideology that promotes no government involvement in the economy.

• A system where only the military controls the economy.

Which of the following is an advantage of socialism?

• There is a balance between wealth and earnings

• Bureaucracy hampers the delivery of services

• People are unmotivated to develop entrepreneurial skills

• The government has too much control

Fill in the blank: In socialism, the government owns many of the larger industries and provides ________, health, and welfare services while allowing citizens some economic choices.

• education

• transportation

• housing

• entertainment

In socialism, people are highly motivated to develop entrepreneurial skills.

• True

• False

What is capitalism?

• A) A system where the government owns all businesses

• B) Free-market economy; people own their own businesses and property and must buy services for private use, such as healthcare.

• C) A system where only the rich can own property

• D) A barter system