Download - Economics review with answers
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Economics ReviewCapitalism/Socialism/Communism
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Ownership of Property?
Communism - PUBLIC/GOV’T Capitalism - PRIVATE/INDIVIDUALSocialism - BOTH
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Principle of Operation?
FREE ENTERPRISE/COMPETITON- Capitalism FAIR DISTRIBUTION OF WEALTH- Socialism CENTRAL/GOV’T CONTROL- Communism
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Choice of Work?
OPEN/FREE CHOICE- Capitalism REGULATED- Socialism/Communism
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Government Involvement? GOV’T OWNS BASIC INDUSTRIES/PROVIDES SOCIALSERVICES-
Socialism GOV’T OWNS ALL INDUSTRIES- Communism GOV’T INVOLVEMENT KEPT TO A MINIMUM- Capitalism
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Amount of Competition?
COMPETITON IS LIMITED- Socialism COMPETTITON IS PROMOTED- Capitalism THERE IS NO COMPETTITON- Communism
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Promoters of Economic System?
Karl Marx- Socialism/Communism Adam Smith- Capitalism
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Capitalism Pro
Rewards individual success Individual success leads to common good
Con Competition leads to winners and losers Not all succeed
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Socialism
Pro All share equally the benefits of production No winners and losers
Con No competition - efficiency goes down High taxes
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Communism
Pro Full employment citizens get what they need
Con Gov’t decides rewards Few luxuries