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MWH Unit 10 Economic Systems Flashcards | StudBud
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MWH Unit 10 Economic Systems
MWH Unit 10 Economic Systems
19 terms
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StudBud Administration
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#Capitalism #Communism #Socialism
Flashcards
19 cards
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Questions
19
Answers
1
Karl Marx was the creator of...
communism
socialism
capitalism
anarchism
2
Private property does not exist in ....
socialism
communism
capitalism
anarchism
3
Which is the best definition of socialism?
system based on private ownership used to make a profit
means of production are owned by govn't not individuals
all production controlled and owned by govn't
all govn't is oppressive and should be abolished
4
Many people in Europe began to think anarchism was a good option because...
problems brought about by the switch to communism
death of many popular leaders in Europe
way governments suppressed Revolutions in 1830&1848
income disparity btwn factory owners and workers
5
Which is the best definition of communism?
system based on private ownership used to make a profit
means of production are owned by govn't not individuals
all production controlled and owned by govn't
all govn't is oppressive and should be abolished
6
What did Marx believe would happen in the future?
owners and workers would violently struggle for dominance
farmers would support the factory owners and upset workers
govn'ts of agricultural countries would be the 1st communist
workers would be given more wealth b/c they do all the work
7
The economic system that relies on supply and demand more than the others is...
anarchism
socialism
capitalism
communism
8
Why has communism failed in countries that have switched to it?
all of the above
rampant corruption
people are naturally greedy
everyone is not able to agree with distribution
9
How is wealth distributed in a socialist economy?
hard work=more money
rich stay rich and everyone else spreads what is left
more equally
everyone gets what they need
10
What are means of production?
all of the above
ways to regulate labor
materials, machines, and people used to produce
things sold to make a profit
11
How do capitalism and socialism differ from each other?
capital has extreme range btwn rich poor, socialism doesn't
all of the above
capitalism is natural, socialism is human made
capitalism has private ownership, social is govn't ownership
12
How are resources distributed in a communist nation?
the government gets all the resources
everyone is suppose to get what they need
the owners make much more money than the workers
everyone gets the same amount
13
What do socialist believe the govn't should do?
make as much profit as possible
protect the working class
make labor unions illegal
control all aspects of the economy
14
Which is the best definition of capitalism?
all govn't is oppressive and should be abolished
means of production are owned by govn't not individuals
system based on private ownership used to make a profit
all production controlled and owned by govn't
15
What is the major problem with anarchy?
no way to protect individual's freedoms
no way to end class struggle
no way to determine hoe wealth will be distributed
no way to control elections
16
What does
laissez-faire
mean?
govn't creates a new economy everytime there is a depression
government should regulate the economy
the govn't does not interfere in the economy at all
govn't controls every aspect of the economy
17
Who is Adam Smith?
an economist who developed idea of laissez-faire
writer who proposed the idea of anarchism
man who created communism
leader of the first socialist nation
18
Socialism attempts to prevent....
use of supply and demand to determine prices
any economic disparity
the use of government
a small group of people f/m getting rich @ workers expense
19
Which is the best definition of anarchism?
means of production are owned by govn't not individuals
system based on private ownership used to make a profit
all production controlled and owned by govn't
all govn't is oppressive and should be abolished
