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- Multiple ChoicePlease save your changes before editing any questions.
It is a social and economic system where both the means of production (land, equipment, raw materials, etc.) are privately owned.
Capitalism
Communism
Socialism
Feudalism
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In capitalism, the businessman raises some capital/money, which could be from either his own money, bank loans or the sale of shares.
True
False
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What are the strengths of capitalism?
The government provides basic necessities
It incentivizes hard work and innovation
All profits go to businessmen
It removes social classes
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What are the weaknesses of capitalism?
There is no motivation for businesses to be competitive
It does not reward people who work hard
It equates success to financial gain
It leads to inequality
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In capitalism, a surgeon will earn MORE/THE SAME than a street cleaner because... (Select 2)
More
The Same
A surgeon spent a long time training to be doctor and capitalism rewards hard work
The government will pay everyone the same regardless of how hard they work
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When all manufacturing, or “means of production” (land, factories, equipment, etc.) are equally owned by all the members of the state.
Capitalism
Communism
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Who proposed the modern idea of communism?
Adam Smith
Karl Marx
Richard Arkwright
George Washington
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What did Marx write to promote communism?
Horrible Histories
Imperialism, The Highest Stage of Capitalism
The Communist Manual
The Communist Manifesto
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All are features of communism, except...
No private ownership of property
Workers are employed by rich businessmen
All workers are employed by the government
Classless society
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All countries adopted communism, except...
China
Soviet Union
United States of America
North Korea
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In capitalism, capital is raised through personal wealth, bank loans, and selling shares while in communism, capital is raised through taxes.
True
False
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In communism, workers are paid low wages while in capitalism, workers are paid equal wages
True
False