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Capitalism vs. Communism. Unit 7 – Ms. Doyle. Page 3: Capitalism vs. Communism. WARM UP Make a t-chart in your notes of the pros and cons of industrialization. Be prepared to share!. Agenda: Warm Up – T-Chart Notes Practice Problems Organize binders Homework:
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Capitalism vs. Communism Unit 7 – Ms. Doyle
Page 3: Capitalism vs. Communism WARM UP Make a t-chart in your notes of the pros and cons of industrialization. Be prepared to share! Agenda: • Warm Up – T-Chart • Notes • Practice Problems • Organize binders Homework: Document test next class & Binders due!
Democracy & Capitalism • Natural Rights: life, liberty, pursuit of happiness (human rights) • Bill of Rights maintains natural rights • Economic Freedom • Elected Officials • Informed Society • Citizen Participation • VOTE! • Limited government • All citizens are valued equally • Sovereignty • Majority rules • Many viewpoints • Direct republic • Vote for officials • Goods • People buy things and sell for a profit • Free market = competition • Supply and demand • Supply: the quantity of the available product • Demand: quantity of the product that people need at a specific price • Class division • Working class paid with wages and salaries • Capitalist class makes profit from what working class produces
Communism • Communism believes in “equality” everyone is on the same level • Money is taken from the rich and given to the poor so everyone is equal • Government controls all aspects of production. Government tells what to produce, how much, by when, and who will produce it. • Under Communism, no one owns their own business. • Father of Communism is Karl Marx
Communism • Karl Marx wrote the Communist Manifesto • Communism is also known as “Marxism” • Karl Marx believed in a classless society (no rich, no poor) • He wanted the government to control all means of production. • He believed this would lead to utopia.
I grew 3 apples, the government took those apples, gave one to me and one to each of my two neighbors. _________________ • Your small business hit a rough patch and you lost all of your money. You have to close the business and find a job elsewhere. _________________ • I make $20,000 a year, so does the heart surgeon who lives down the street from me. _________________ • I go to Zehrs Foods and buy whatever groceries I want to buy. _______________ • I only make $20,000 a year, but the teacher who lives down the street from me won the lottery and made 30 million in one day. __________________
6. Your small business hit a rough patch and lost all of its money, you are still given your salary and may have a chance to get the business back on its feet. ___________________ • 7.I go to the grocery store and buy the same goods as everyone else in the store. _________________ • 8.I have a great idea to improve computers, I will call it “Microsoft” and will sell it to millions of people and become one of the richest people in the world. _________________ • 9.I have a great idea to improve computers, I will call it “Microsoft.” The government will take my idea and make sure that I receive the same amount of money for my work as every other person. __________________ • 10. I am a talented basketball player (seriously, NBA quality), I am going to go professional and make millions of dollars a year. __________________
