EMS- Economic Systems

Question 1

Market System

Answer 1

Capitalism
All is owned by citizens
USA, Canada and Germany

Question 2

Mixed Economic System

Answer 2

Socialism
50/50
SA, Mexico and Zimbabwe

Question 3

Earliest forms of capitalism

Answer 3

Rome, the Middle East and the Middle Ages

Question 4

Industrialism led to

Answer 4

The development of a new ideology which criticized capitalism.
Socialists believe that people should join together and work collectively.

Question 5

Communism originated

Answer 5

Through Karl Marx’s theory of ensuring that there is one rule and all factors of production are owned by state.

Question 6

Advantages

Answer 6

Communism- all basic needs met by government.
Socialism- freedom to into business by yourself.
- pay taxes but receive infrastructure for this.
- decide what you will produce and sell.
Capitalism- citizens are free to make their own wealth.
- free choice.

Question 7

Disadvantages

Answer 7

Communism- great class distinctions.
- controlling.
Socialism- need to find your own market.
- no control of how much tax you pay.
Capitalism- social division and poverty.
- not everyone works for their money.
- monopolies (one company owns everything)

Question 8

Global Economy

Answer 8

All economies of the world.

Question 9

IMF

Answer 9

International Monetary Fund

Question 10

WTO

Answer 10

World Trade Organization

Question 11

Planned Economic System

Answer 11

Communism
State owns everything
North Korea, China and Cuba