do now: answer the following t/f questions & make them true statements - ‘the soviet union...

Do Now: answer the following T/F Questions & make them true statements

-‘The Soviet Union (Russia) is a capitalist country?’

-- ‘The United States of America is a communist country?’

Aim: How did Communism differ from Capitalism?

Adam Smith Karl Marx

IdeasCapitalism – Communism -

ConceptLaissez-Faire – Socialism-

Book The Wealth of Nations

The Communist Manifesto

Capitalism Vs. Communism

Capitalism – economic system where the means of production are privately owned & operated for a profit

“Free Market System”Laissez-Faire – “leave business alone” –

policy in which government takes a hands off approach to business & does not interfere

Communism – economic system in which all wealth & property is owned by the government

Socialism – economic system where the people as a whole own all the property & business

Capitalism Vs. Communism Vocabulary

Read the Handout – Adam Smith meets Karl Marx

Underline & highlight the important information

Answer questions 1 – 5 in your notebooks

Task # 1

Would you rather live in a Capitalist or in a Communist country? Explain your answer in FULL SENTENCES

F. S. Q. – in your notebooks