Captialism
What is the main goal of Capitalism?
To make a profit/meet supply and demand.
What is the main goal of Socialism?
Reduce Income Inequality/Promote fair opportunities
What is the main goal of Communism?
What is provide equal resources to everyone and prevent wealth inequality.
A country that is well known for their social service which provides free healthcare to citizens in exchange for higher taxes.
What is Canada?
The government decides which jobs are needed in the country and assigns people to those jobs, ensuring everyone has a role.
What is Communism?
Who owns the means of production in Capitalism?
What are individuals/business?
Who owns the means of production under Socialism?
What is the Government/shared ownership with the Government?
Who owns the means of production under Communism?
Who is The Community/Everyone?
A French phrase meaning "hands off", to describe a free market economy.
What is Laissez-Faire Economics?
A marketplace where people can buy and sell goods freely, and prices are set by how much buyers are willing to pay.
What is Capitalism?
Multiple businesses trying to convince people to choose their product/service is an example of what economic characteristic?
What is Competition?
When it comes to income inequality, what does Socialism try to accomplish?
A well-known text discussing ideas of Communism, co-written by Karl Marx and Friedrich Engels.
What is The Communist Manifesto?
Everything necessary to create or produce something. All the resources/materials needed.
A country where the government owns all factories and farms, and citizens receive equal wages regardless of their job.
What is Communism?
What do social/economic classes look like under Capitalism?
What are: three main classes, higher rates of income inequality.
What do social/economic classes look like under Socialism?
What do social/economic classes look like under Communism?
What are: no social/economic classes, no inequality/complete equality.
Answers may vary.
The government runs all public transportation services and sets ticket prices to ensure affordability for everyone.
What is Socialism?
This often determines the price of an item under Capitalism.
What is Supply and Demand/Free Market?
What are two major examples of social services provided by a Socialist economy?
What are Healthcare and Education?
Karl Marx believed this was one the biggest issues in society throughout history.
What is class struggle?
Name a Communist country.
Answers may vary.
A cooperative grocery store where all members share ownership and profits are distributed based on how much each member uses the store.
What is Socialism?