Economic Systems

What is an advantage of Capitalism?

True or False - In a Market Economy, there is NO government involvement.

On the spectrum, where are Democratic Socialist countries located?

What is a disadvantage of Communism?

True or False - According to the spectrum on the board, North Korea would be at a 6.

Name a country that is Democratic Socialist.

According to the spectrum on the board, the USA is at a 3.

True or False - Canada is an example of a Market Economy.

What does Laissez-Faire mean?

In a Mixed Economy, who decides what to produce?

Marxism and Communism are the same thing.

An example of a Command Economy is

According to the spectrum on the board, many Scandinavian countries are a 5.

Which economic system values privatization?

Division of Labor is associated with which economic system?

Who was Rasputin?

Which country is the most communistic?

Who are the proletariat?

Which economic system uses a command economy?

The Invisible Hand of Self Interest says that if we act in our own interest all of society wins

What is a disadvantage of Capitalism?

Command Economies are most associated with which economic system?

True or False - Marxism and Communism are the same thing.

Who understood history as a series of class struggles?

An example of a Traditional Economy is

Which is not a current communist country?

Which economic system believes in complete nationalization?

Who are the bourgeoisie?

What is a disadvantage of Democratic Socialism?

An example of a Mixed Economy is

True or False - CURRENT Russia is an example of a Capitalist country.

Who pioneered Capitalism?

True or False - Those who live in a Traditional Economy typically live in the middle class.

Under a Command Economy, who decides what to produce?

What is a cause of Marx's push for Communism?