Communism vs. Capitalism Economic Systems An economic system is the way in which a particular country invests, produces, manufactures, and distributes.

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Presentation transcript:

Communism vs. Capitalism

Economic Systems An economic system is the way in which a particular country invests, produces, manufactures, and distributes goods, services, and wages. An economic system is the way in which a particular country invests, produces, manufactures, and distributes goods, services, and wages.

Group assignment Using a spider diagram record as many facts or ideas about Capitalism as you can in 2 minutes Using a spider diagram record as many facts or ideas about Capitalism as you can in 2 minutes

Group assignment continued Using a spider diagram record as many facts or ideas as you can about Communism in 2 minutes. Using a spider diagram record as many facts or ideas as you can about Communism in 2 minutes.

Short essay What economic system do you believe is better. What economic system do you believe is better. Provide 3 reasons to support your answer. Provide 3 reasons to support your answer.

CapitalismCommunism Success/Wealth Freedom Property Distribution of good services and wages

Prosperity – Success - Wealth Capitalism - Comes through competition and human initiative. Communism - Comes through cooperation

Freedom Capitalism - Individuals are free to make a profit. Communism - Individuals are free to enjoy a share of their work’s profit.

Property Capitalism - Free to own property such as land, business, factory, and machinery. Communism - Individuals are not allowed to own property. It belongs to the people, state, or government.

Distribution of Goods services and wages Capitalism - Uses the market forces of supply and demand. Communism - Everyone deserves a fair share or portion. Government sets prices.

Position essay What economic system do you believe is better. What economic system do you believe is better. Provide 3 reasons to support your answer. Provide 3 reasons to support your answer.