Lesson 72 pg. 202 - 204

Question 1

Define socialism

Answer 1

socialism - any economic system based upon collective ownership and control of many or most national resources

Question 2

Between the pure command economy of Communism and the pure free market economy of free enterprise lies a broad range of socialistic economic systems. Economists have given these systems names such as what?

Answer 2

> welfare capitalism
managed capitalism
democratic socialism
market socialism