Capitalism, Socialism, and Communism: Understanding Economic Sys

What is the primary characteristic of capitalism as described in the passage?

• Private ownership of the means of production

• Collective ownership of resources

• Government control of all means of production

• Elimination of private property

Which economic system aims to eliminate the gap between rich and poor by controlling all means of production?

• Capitalism

• Socialism

• Communism

• Mixed economy

What historical event marked a significant moment in the implementation of communist principles?

• The Industrial Revolution

• The decline of mercantilism

• The Bolshevik Revolution in Russia in 1918

• The establishment of utopian communities

How does socialism differ from capitalism according to the passage?

• Socialism emphasizes private ownership and profit

• Socialism advocates for collective ownership and wealth distribution

• Socialism eliminates government intervention

• Socialism focuses on free competition and supply and demand

What term is used to describe economies that exhibit characteristics of multiple economic systems?

• Command economy

• Mixed economy

• Free market economy

• Traditional economy