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Capitalism or Socialism?
Capitalism or Socialism?
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Introduction to Capitalism, Socialism and Communism
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Property and the means of production (factories) should be owned by businesses and individuals.
Communism
Capitalism
Socialism
2
The primary economic system the US uses today
communism
Capitalism
socialism
3
Karl Marx is associated with
Communism
Capitalism
Socialism
4
_________get to make the economic decisions under capitalism.
individual
government
the president
Literally no one
5
Laissez-faire means...
Hats on
Hats off
Hands on
hands off
6
This economic system focuses on competition
communism
socialism
capitalism
7
Belief that when individuals follow their own self interest, progress will result,
capitalism
socialism
communism
8
A system where you might pay very high taxes in exchange for services like free education.
Capitalism
Socialism
Communism
9
The government should own property and the means of production
Socialism
communism
None of the Above
Capitalism
10
What is a key difference between capitalism and communism?
Private Property is allowed in Capitalism
Capitalism, in theory, spreads the wealth evenly
Communism allows for a free market
Communism encourages entrepreneurship
11
Adam Smith is associated with
Socialism
Capitalism
Communism
12
Goods should be distributed according to each person’s needs.
Communism
Capitalism
All of the above
Socialism
13
wealth is distributed evenly among citizens
capitalism
communism
socialism
14
Education is a luxury, not a right
Communism
Capitalism
Socialism
15
Everyone should get a set wage, but earn more based on how hard they work.
capitalism
communism
socialism
