1. Capitalism vs. Socialism

3. 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.

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

5. 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.

6. 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.

7. 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

9. 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?

10. 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?

11. 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.

12. 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.

13. Lets go over the Answers…

14. Crash Course

15. 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

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