Capitalism vs Communism Flashcard

Front

Which of the following is a feature of capitalism but not communism? A) Centralized economic planning, B) Competition among businesses, C) Equal distribution of resources, D) Abolition of private property

Back

Competition among businesses

Front

Which statement best reflects a principle of communism? A) The government should protect private property at all costs. B) Wealth should be redistributed to ensure equality among all citizens. C) Prices should be determined solely by supply and demand. D) Markets should operate without government intervention.

Back

Wealth should be redistributed to ensure equality among all citizens.

Front

What is one way communism and capitalism fundamentally differ?

Back

Capitalism promotes individualism, while communism promotes collectivism.

Front

What is the main role of the government in a capitalist economy?

Back

To regulate businesses to prevent monopolies.

Front

Which of the following best describes a mixed economy? A) An economy with strict adherence to capitalist principles, B) A blend of capitalism and communism, combining private ownership with government oversight, C) An economic system that fully abolishes markets and relies on central planning, D) A system with no government involvement in any economic activity

Back

A blend of capitalism and communism, combining private ownership with government oversight

Front

What is communism?

Back

A political and economic system that advocates for a classless society and collective ownership of resources.

Front

Which of the following is a central goal of communism?
Options:
Preservation of social hierarchies,
Creation of a classless society,
Maximization of individual profit,
Encouragement of private enterprise

Back

Creation of a classless society

Front

Who is most closely associated with the development of communist theory?

Back

Karl Marx

Front

In a communist society, how are resources typically distributed?

Back

Equally or according to need

Front

Which of the following is a common criticism of communism? It creates excessive income inequality, It discourages innovation and productivity, It overemphasizes individualism, It leads to unregulated markets

Back

It discourages innovation and productivity