Which is NOT a characteristic of Capitalism?
  • Market Economy
  • Supply and Demand
  • Freedom of Competition
  • Classless Society
Laissez-faire means...
  • Hats off
  • Hands around
  • Hands off
  • Hands on
The government or groups of workers might control these resources but the profits are divided among the people.
  • Capitalism
  • Communism 
  • Socialism
  • Mixed Economy
In a socialist economy, the wealth is distributed evenly among citizens.
  • True
  • False
This economic system is based on competition, profits, and self-interest.
s-6 sb-8-Capitalism, Socialism, Communismimg_no 129.jpg
  • Socialism
  • Communism
  • Capitalism
In a "pure" communist society, who are the wealthiest and most powerful people?
  • Intellectuals
  • Business leaders
  • Military leaders
  • No One--every member of society is supposed to be equal
In a Communist country, workers have no ________ to work harder.
  • Time
  • Help
  • Ability
  • Incentive
How does socialism differ from capitalism?
  • In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.
  • In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
  • In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
  • In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
According to the law of supply and demand, how does the scarcity of product that is in high demand affect prices?
  • Scarcity of a high demand product stablizes the market value of the product.
  • Scarcity of a high demand product increases the market value of the product.
  • Scarcity of a high demand product neutralizes the market value of the product.
  • Scarcity of a high demand product decreases the market value of the product.
According to the law of supply and demand, how does over-manufacturing of a product affect the price?
  • Over-manufacturing reduces the price of a product.
  • Over-manufacturing creates jobs to improve the economy.
  • Over-manufacturing raises prices to offset production costs.
  • Over-manufacturing leads to peaks in the business cycle.
What does communism believe in?
  • Economic system with individuals having private ownership of money/production.
  • Maintaining total control over society. 
  • Economic equality through elimination of private property.
  • A government of the people, by the people, for the people.
Karl Marx's ideas inspired
  • free market economies
  • democracies
  • technological innovation
  • dictatorships
The United States practices
  • pure capitalism
  • pure socialism
  • pure communism
  • mixed market
The founder of communism 
  • Adam Smith
  • John Locke
  • Karl Marx
  • Rousseau 
This person wrote "The Wealth of Nations" and believed the government should have a limited role in business.
  • John Locke
  • Adam Smith
  • Charles Fourier 
  • Karl Marx
This economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.
  • Socialism
  • Communism
  • Mixed Market Economy 
  • Capitalism 
What was a long term result of the Industrial Revolution?
  • A cleaner natural environment
  • Animal Preservation
  • Worker Unions and Labor Laws
  • A second Neolithic Revolution
______________get to make the economic decisions under capitalism.
  • Individuals
  • Government
  • Literally no one
  • The President 
In a communist society...
  • the government controls the means of production
  • the individual owns the means of production
  • wealth is distributed evenly amongst society
  • there is no wealth or private property
One problem with socialism is...
  • the rich will continue to get richer.
  • people will only work as hard as they need to.
  • those that don't work hard enough do not reap the benefits.
  • the government keeps all of the wealth.
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