Capitalism vs. Socialism

Today you will need… A blank piece of notebook paper Have one person from your table group grab the following from the table by the door. (one for each group member) Capitalism and Socialism T-Chart. Note sheet Can you Identify? Note sheet **Please do not start writing or answering any questions.

Journal #? Describe an ideal government. Think about economics, social structure, politics, daily life, rules/laws, etc..

Can you Identify? 1. Individually… read each statement carefully and decide if you believe the statement represents Capitalism or Socialism 2. In the space provided write either ‘C’ for Capitalism or ‘S’ for Socialism. Its okay if you don’t know… take a guess! Shh… don’t ask your neighbor for help.

Write Around Which of the following societies would it be better to live in? Would it be better to live in a society where everyone was given a share of the profits by the owners of the company, made the same amount of money as everyone else, ultimately making all people equal? OR To live where you can choose what you want to do, everyone makes different amounts of money, and not everyone can afford the same things as everyone else? Make sure to explain your answer.

Capitalism Laissez-Faire “let people do as they please” Adam Smith Do not interfere in the economy Adam Smith Advocated free economies/free markets The Wealth of the Nations, 1776 Natural laws of economies 1. Law of self-interest 2. Law of competition 3. Law of supply and demand Ideas were supported and started to spread throughout Europe

Capitalism Economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit. Maximizes liberty Freedom to succeed and freedom to fail Private ownership of capital (means of production) Profit is the motivator, competition is the regulator (not government) Under pure capitalism, almost all goods would be provided by the private sector. Examples?

Socialism Factors of production are owned by the public and operate for the the welfare Optimistic view of human nature Belief in progress and concern for social justice High government involvement Depend on government, not free markets Redistribution of income – higher taxes on the wealthy Provide government services Examples?

In your table groups… With your knowledge of capitalism and socialism think of advantages and disadvantages of each economic systems. Please write these down in the boxes provided on your notes. Designate one person from the table group to be the spokesperson. Each spokesperson will share what their group came up with. For those not speaking, write down any ideas you had not thought of in your own group.

Can you Identify? With the same paper we started class with… 1. Individually… read each statement carefully and decide if you believe the statement represents Capitalism or Socialism 2. In the space provided write either ‘C’ for Capitalism or ‘S’ for Socialism. Its okay if you don’t know… take a guess! Shh… don’t ask your neighbor for help.

Lets go over the Answers…

Crash Course https://www.youtube.com/watch?v=B3u4EFTwprM

Homework… Critically read both handouts Communism vs. Socialism Adam Smith, Supply & Demand, Laissez-Faire Make a Venn diagram between Communism and Socialism In your own words explain capitalism and provide at least 2 examples DUE: Tuesday January 12th Communism Socialism

Exit Task Answer the questions on the exit slip Turn in the following: Write Around Can you Identify Exit Slip