Economic Systems and Key Figures Flashcard

Front

What is the main characteristic of socialism?

Back

Economic equality with worker ownership

Front

Who is known as the Father of Communism?

Back

Karl Marx

Front

Which economic system is based on private ownership, competition, and profit?

Back

Capitalism

Front

What did Robert Owen believe about human nature? Options: Humans are inherently selfish, Humans are naturally competitive, Humans thrive under strict government control, Humans reveal their goodness in a cooperative environment

Back

Humans reveal their goodness in a cooperative environment

Front

What does the economic concept of supply and demand state?

Back

Prices rise and fall based on demand and supply

Front

A company owned by a private owner

Back

Capitalism

Front

Economic System: No government interference; Owners of capital are free to do as they like

Back

Free Enterprise

Front

Back

F

Front

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

Back

Capitalism

Front

In which economic system is the GOVERNMENT in control of land, resources, and factories?

Back

Socialism