Capitalism vs. Communism

Capitalism vs. Communism

The social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society. ~

In other words, economics is all about money.

An economic system in which the means of production and distribution are privately or corporately owned and development occurs through the accumulation and reinvestment of profits gained in a free market. ~


An economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members. ~


Capitalism Communism     
Private Ownership
Private Property
Personal Income
Unequal Wealth
Unequal Social Status
Social Classes
Individual Decisions
State Ownership
Communal Property
Income Redistribution
Equal Wealth
Equal Social Status
Classless Society
Government Decisions
Laissez-Faire (Let It Be)
Invisible Hand
Supply and Demand
Free Market
Free Enterprise
Profit Motive
Government Intervention
Visible Control
Available Supply
Controlled Market
Controlled Enterprise
Production Motive
Adam Smith
The Wealth of Nations
Karl Marx
Das Kapital + Communist Manifesto

Practice – Questions
1.  Which of the following characterizes capitalism?
A.  communal property
B.  income redistribution
C.  state ownership
D.  private property

2.  Which of the following characterizes capitalism?
A.  government intervention
B.  controlled market
C.  laissez-faire
D.  collectivized

3.  Which of the following characterizes communism?
A.  Adam Smith
B.  Karl Marx
C.  Adam Sandler
D.  Groucho Marx

4.  Which of the following characterizes communism?
A.  classless society

B.  social classes
C.  unequal social status
D.  invisible hand

5.  Which of the following characterizes both capitalism and communism?
A.  private property
B.  state ownership
C.  income redistribution
D.  history of Cold War

Practice Answers

1.  D.  private property

2.  C.  laissez-faire

3.  B.  Karl Marx

4.  A.  classless society

5.  D.  history of Cold War

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