Communism Overview

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