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3 cards from this section. Quick, good the night before a test.
Who owns resources in a capitalist economy?
Think about who has control of the businesses.
Is profit motive present in a socialist economy?
Consider what drives production in such economies.
In a capitalist economy, who owns the means of production?
Think about which group holds the power.
True or False: In a socialist economy, the government controls the economy.
Think about who makes the decisions.
Discuss how the ownership of resources in a capitalist economy affects income inequality compared to a socialist economy. Provide specific examples.
Think about how wealth is created and distributed in both systems.
Evaluate the effectiveness of a mixed economy in achieving social welfare compared to a purely socialist or capitalist economy.
Consider the benefits and drawbacks of combining systems.
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