Capitalism, Socialism, & Communism

Front

Laissez-faire means...

Back

Hands off

Front

In a socialist economy, the wealth is distributed evenly among citizens.

Back

True

Front

This economic system is based on competition, profits, and self-interest.

Back

Capitalism

Front

In a "pure" communist society, who are the wealthiest and most powerful people?

Back

No One--every member of society is supposed to be equal

Front

How does socialism differ from capitalism?

Back

In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.

Front

What does communism believe in?

Back

Economic equality through elimination of private property.

Front

The founder of communism

Back

Karl Marx

Front

This person wrote "The Wealth of Nations" and believed the government should have a limited role in business.

Back

Adam Smith

Front

This economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.

Back

Capitalism

Front

______________get to make the economic decisions under capitalism.

Back

Individuals