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Understanding Economic Systems: Capitalism, Communism, and Socialism

Explore the key concepts of market economy, command economy, and welfare state, along with the principles of capitalism, socialism, and communism. Learn about the historical events that shaped these economic systems and the criticisms they face. Delve into the differences between corporations, partnerships, and sole proprietorships while examining the impact of Gorbachev's reforms on the collapse of communism. Engage in critical thinking about Lenin's economic policy and the influence of evolutionary socialism on the American economic system.

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Understanding Economic Systems: Capitalism, Communism, and Socialism

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  1. Chapter 23 Test Review

  2. Bourgeoisie Capital Collectivization Command Economy Five-Year Plans Laws of Supply and Demand Market Economy Monopoly Proletariat Welfare State Vocabulary Terms (2 Points Each)

  3. Short Answer (2 Points Each) • Market Economy / Free Enterprise System • Entrepreneur / Capitalist • Welfare State / Command Economy

  4. Multiple Choice (4 Points Each) • How are command economies characterized? • What is the laissez-faire theory’s take on governmental control of the economy? • How is the United States economic system classified? • What are the distinctive features of Capitalism?

  5. Multiple Choice (4 Points Each) • What events put the communist theory into practice in the Soviet Union? • How did Marx view the class struggles in human history? • What are the basic factors of production? • What are the basic ideas behind capitalism, socialism, and communism?

  6. Multiple Choice (4 Points Each) • What are the major criticisms of Socialism and Capitalism? • How do corporations, partnerships, and sole proprietorships differ? • How did Gorbachev’s program help “collapse” communism in the Soviet Union? • How was the earliest form of socialist doctrine developed?

  7. Critical Thinking (10 Points Each) • How did Lenin’s New Economic Policy depart from Marx’s theory of Communism? • You have read about some of the effects of capitalism on Soviet communism. Do you think the American economic system in any way reflects the influence of evolutionary socialism? Explain your answer.

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