stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems: Capitalism, Communism and Socialism Flashcards | StudBud
Explore
/
Economic Systems: Capitalism, Communism and Socialism
Economic Systems: Capitalism, Communism and Socialism
7 terms
·
StudBud Administration
·
602 plays
Imported from external platform
Flashcards
7 cards
F
Practice quiz
P
Host live
L
Questions
7
Answers
1
Which of the following below answer choices is a negative quality of a Communist economic system?
Everyone gets a job and there is low unemployment.
No competition = no innovation, leading to quality of goods being poor.
Income inequality (gap between rich and poor) is reduced.
Government provides healthcare to all of its citizens.
2
What are some examples of Socialist-like programs here in the United States?
Medicare and Unemployment Insurance.
Apple and Samsung
Amazon and Walmart
Private Schools like Cathedral and Bishops
3
What types of services are provided in Socialist goverments through high personal income taxes?
Education and welfare programs.
Teslas
Free Haircuts
Healthcare and pensions (retirement).
4
A mixed economy, or an economic system combinining elements of Capitalism and Communism, is known as Socialism?
True
False
5
_____________ is an economic system based on profit, that allows individuals freedom to make their own business choices.
Communism
Socialism
Democracy
Capitalism
6
Communism is an economic system where all people (the government) collectively own the means of production?
True
False
7
What are some benefits of a Capitalist economic system?
Competition reduces prices for consumer goods and services.
More technological and industrial innovation.
All of the above
People can build up their own wealth and increase their income over time.
