Capitalism vs. Communism

adamsmithvskarlmarx

Economics
A social science concerned with the process or system by which goods and services are produced, sold, and bought. — Merriam-Webster.com
[Economics is all about money.]


Capitalism
A way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) are owned by individual people and companies rather than by the government. — Merriam-Webster.com
[Capitalism is all about: “Show me the money.”]


Communism

A way of organizing an economy so that the government owns the things that are used to make and transport products (such as land, oil, factories, ships, etc.) and there is no privately owned property. — Merriam-Webster.com
[Communism is all about: “Show somebody the money.”]

 

Capitalism Communism     
Private Ownership
Private Property
Personal Income
Unequal Wealth
Unequal Social Status
Social Classes
Individual Decisions
Individualized
State Ownership
Communal Property
Income Redistribution
Equal Wealth
Equal Social Status
Classless Society
Government Decisions
Collectivized
Laissez-Faire (Let It Be)
Invisible Hand
Supply and Demand
Competition
Free Market
Free Enterprise
Profit Motive
Government Intervention
Visible Control
Available Supply
Cooperativism
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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