Economic Systems

Question 1

Capitalism

Answer 1

1. Risk vs Reward
2. Workers can be motivated, depending what they get out of business
3. Business owners and shareholders tend to be very motivated (they can benefit from profit)
4. Class systems/ economic inequality

Question 2

Socialism

Answer 2

1. Risk is separated out among the people
2. Workers can be motivated
3. In between capitalism and communism

Question 3

Democratic communism

Answer 3

1. Healthcare, childcare, paid leave education, etc provided for free or low to citizens
2. Usually means higher taxes, on the rich
3. Classes not as extreme

Question 4

Communism

Answer 4

1. Was intended to eliminate government
2. Governments owns and controls means of production ( farms and factories) and distribution (grocery stores etc)
3. Ideally, classless, revolution was because people felt working people were being oppressed.
4. Takes away motivation