1
What economic system is characterized by private ownership of the means of production?
Capitalism
What economic system advocates for collective or governmental ownership of production and distribution?
Socialism
What term describes a political or economic theory that emphasizes the collective over the individual?
Collectivism
Which ideology emphasizes personal freedom and self-reliance?
Individualism
What philosophy was developed by Ayn Rand that emphasizes reason and individualism?
Objectivism
In a capitalist economy, what is the primary factor that determines the prices of goods and services?
Supply and Demand
In socialism, what is typically provided to citizens as a way to ensure equal access to resources?
Social Services (healthcare, education)
In a collectivist society, what is often prioritized over individual rights?
The common good or community welfare?
In an individualist society, what is typically valued more than community goals?
Personal Rights & Interests
According to objectivism, what is the role of government?
What is to protect individual rights?
Name one advantage of capitalism.
Name one criticism often directed at socialist economies
Inefficiency, lack of incentive
Name a historical example of collectivism in practice.
USSR/Soviet Union
What is a common criticism of extreme individualism?
Neglect of social responsibility?
How does objectivism view altruism?
It often critiques altruism as a moral duty to others.
What is the role of competition in capitalism?
To drive innovation & improve quality
What is a key goal of socialism?
Reduce economic inequality
How does collectivism differ from individualism in terms of decision-making?
Describe how individualism can foster creativity and innovation.
It allows people to pursue their unique ideas and interests.
In objectivism, what is considered the highest moral purpose of life?
The pursuit of one's own happiness.
Australia, UK, USA
Which country is often cited as a model for socialist policies?
Sweden
What is one potential drawback of a collectivist approach?
The suppression of individual freedoms
How does individualism impact personal responsibility in society?
It encourages individuals to take responsibility for their actions
Who created the philosophy of Objectivism?
Ayn Rand