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It is based on the equitable distribution of wealth among a nation's citizens and common ownership of all property.
It is based on the equitable distribution of wealth among a nation's citizens and common ownership of all property.
Individuals can own personal property but all industrial and production capacity is communally owned and managed by a democratically elected government.
Individuals can own personal property but all industrial and production capacity is communally owned and managed by a democratically elected government.
Private ownership of economic resources and property is actively encouraged with little to no government intervention.
Private ownership of economic resources and property is actively encouraged with little to no government intervention.
All economic resources are publicly owned and controlled by the government. Individuals hold no personal property or assets.
All economic resources are publicly owned and controlled by the government. Individuals hold no personal property or assets.
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There exists a distinct class whose standing in society is measured by the material wealth in their possession.
There exists a distinct class whose standing in society is measured by the material wealth in their possession.
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Class is abolished. The chances of one worker earning more than the other are nonexistent.
Class is abolished. The chances of one worker earning more than the other are nonexistent.
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The welfare system is available only to those who have the wealth to pay for their services.
The welfare system is available only to those who have the wealth to pay for their services.
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The state will be for the welfare of everyone in the society without any discrimination.
The state will be for the welfare of everyone in the society without any discrimination.
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The result of competition is unequal economic class.
The result of competition is unequal economic class.
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Result of competition is economic equality.
Result of competition is economic equality.
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Study Notes
Economic Systems
- Communism: Equitable distribution of wealth, common ownership of all property.
- Socialism: Individuals own personal property, but industrial and production capacity is owned communally and managed by elected government.
- Capitalism: Private ownership of resources and property is encouraged with limited government intervention.
- Credentialism: Not an economic system, but a system where a person's social standing is measured by material wealth.
Ownership and Control of Resources
- Communism: All economic resources are publicly owned and controlled by the government; individuals hold no personal property.
- Capitalism: Private ownership of economic resources and property is encouraged.
- Socialism: A blend; economic resources are publicly owned and controlled by the government.
Economic Classes
- Capitalism: A distinct class exists whose standing in society is determined by their material wealth.
- Communism: Class is abolished; difference in earnings among workers is eliminated.
- Socialism: No mention of class in this passage.
Welfare Systems
- Capitalism: Welfare systems are available only to those who can afford to pay.
- Communism: The state provides welfare for everyone without discrimination.
- Socialism: No mention in this passage.
Competition Outcomes
- Capitalism: Competition results in unequal economic classes.
- Socialism: Competition results in economic equality.
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Description
This quiz explores the fundamental concepts of various economic systems, including communism, socialism, and capitalism. You'll learn about ownership, control of resources, and the implications of each system on societal structure and economic classes. Perfect for students looking to understand the contrasts between these systems.
