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