Comparing 3 Major Economic Systems

Compare Capitalism, Socialism, Communism: Understand key economic systems and their differences.

Use the following Chart, Slides, Passport sheet, or Google to answer the following questions. Read each statement below and match it to the correct type of economic system Capitalism The government does not try to control the economy Private ownership of property Competition among businesses There is a small group that is super rich and most people are lower-income. Regular people must work long hours and are not guaranteed any benefits. Socialism The government distributes wealth evenly between its citizens Cooperative government ownership of important industries Has a high tax rate to fund many social services programs Healthcare, housing, education, other services are provided for FREE or REDUCED by the Gov. to everyone. There are some privately-owned companies and some companies owned by the government Communism The government directs all major economic decisions The government owns the land, natural resources, and all industries Everyone is more equal and has more equal wealth with others. Healthcare, housing, education, and other services are provided for FREE by the government for everyone. No one can become super rich and no one is homeless either. Many of the basic ideas of capitalism are found in... Traditional culture The writings of Adam Smith The Bible The teachings of Thomas Hobbes An important factor in capitalism is the role of... Sharing Government Corporations Religion Societies may use which of the following systems to organize the production anddistribution of goods and services? Free market system (Capitalism) Luxury system Primary system Manufacturing system The development of socialism was a reaction to... World War I The American Revolution The Cold War The Industrial Revolution Governments who use a socialist economic system provide many social services, such as education and health care, but they also... Maintain large militaries Actively promote a state religion Have a higher tax rate Control every aspect of their citizens' daily life Which of the following people is most closely associated with communism? Adam Smith Thomas Hobbes Karl Marx Ayn Rand In a purely communist economic system, the state would... Let business owners set the minimum wage Own all the land and resources Make decision about political matters only Sell licenses to businesses to perform certain work In a PARAGRAPH or more describe the Economic System (Capitalism, Socialism, Communism) you live under in the United States.