Capitalism
What is the primary goal of capitalism?
To generate profit through private ownership
What is socialism?
An economic system where the government own and controls the means of production
What is the definition of communism?
An economic and political system where all property is publicly owned
Name a county that practices capitalism
United States
What is the main difference between capitalism and socialism?
Name one key feature of a capitalist economy.
Free market or competition
What is a main goal of socialism?
To promote social welfare and reduce inequality
In a communist society, what happens to wealth?
It is distributed equally among the people
Which country is often associated with communism
China
How does the government's role differ in capitalism and communism?
Limited in capitalism; total control in communism
In capitalism, who decides what goods to produce?
Consumers and producers through supply and demand
In socialism, how are resources typically distributed?
According to need rather than profit
Who is considered the father of communism?
Karl Mark
Give an example of a country with a socialist system
Sweden
Which system promotes competition, capitalism or socialism?
Capitalism
What role does the government play in a capitalist system?
Limited, primarily to enforce laws and protect property rights
Name one country that is known for having a socialist government
Cuba or Venezuela
What is a major criticism of communism?
It can lead to a lack of individual freedoms and incentives
What is a country that transitioned from communism to capitalism?
Russia
In which system does the government control all economic activity?
Communism
What is the term for a business owned by private individuals?
Private enterprise
What is a mixed economy?
An economic system combing elements of capitalism and socialism
What political system aims to create a classless society?
Communism
Name a country that has both capitalist and socialist features.
France
Compare the goals of capitalism and socialism.
Capitalism aims for profit; socialism aims for equality