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2B Global 2E 2024-25 > 7c.Economic Systems: Capitalism, Socialism, and Communism > Flashcards

7c.Economic Systems: Capitalism, Socialism, and Communism Flashcards

Learn the characteristics of the three economic systems for Friday's quiz.

1
Q

Goal of Capitalism

A

Self-interest, make your own profit

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2
Q

Goal of Socialism

A

Equalish society, redistribute things based on need

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3
Q

Goal of Communism

A

No class society, no class distinctions, equal society

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4
Q

Belief of Capitalism

A

Competition = good for society

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5
Q

Belief of Socialism

A

Cooperation = good for society

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6
Q

Belief of Communism

A

Equalness = good for society

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7
Q

Capitalism - Social Classes?

A

Yes

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8
Q

Socialism - Social Classes?

A

Some

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9
Q

Communism - Social Classes?

A

None

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10
Q

Capitalism - who runs businesses?

A

Individuals

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11
Q

Socialism - who runs businesses?

A

Government, except for small businesses

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12
Q

Communism - who runs businesses?

A

Government

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13
Q

Capitalism - regulation of production by who?

A

Individuals

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14
Q

Socialism - regulation of production by who?

A

Individuals and the government

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15
Q

Communism - regulation of production by who?

A

Government

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16
Q

Capitalism - who can you work for?

A

Anybody

17
Q

Socialism - who can you work for?

A

Some work for the government, others small businesses

18
Q

Communism - who can you work for?

A

Most work for the government

19
Q

Who wrote about Capitalism?

A

Adam Smith, Wealth of Nations

20
Q

Who wrote about Socialism and Communism?

A

Karl Marx, Communist Manifesto

21
Q

“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest”

A

Capitalism, Adam Smith

22
Q

“While there’s capitalism, there’ll be socialism, because there is always a response to injustice.”

A

Socialism, Robert Owen

23
Q

“Workers of the world unite.”

A

Communism, Karl Marx

24
Q

Characteristics of Capitalism

A

Hands off government, Laissez-faire, supply and demand determine prices

25
Q

Characteristics of Socialism

A

Gov. and its people collectively own and earn, 50/50 shared interest in the economy

26
Q

Characteristics of Communism

A

Everything is controlled, everyone is equal.

27
Q

Capitalism - type of economy

A

Free Market, large gaps between rich and poor

28
Q

Socialism - type of economy

A

Mixed, smaller gaps between rich and poor

29
Q

Communism - type of economy

A

Command/Planned, no gaps, no rich and poor

2B Global 2E 2024-25 (1 decks)

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