Matching – one will be used TWICE. Identify current aspects of economic systems.
Question 15 options:
Government takes a hands-off approach to the economy; individuals own property and their own businesses; individuals earn their own profits.
Government owns most/all property, they control business, wages, and profits.
Government owns some property, controls some businesses, wants to close the gap between rich and poor and do away with competition.
This was developed for the "common good" of the community so that every citizen worked, earned wages, had housing and food; currently North Vietnam and North Korea use this system.
1.
Capitalism
2.
Socialism
3.
Communism
1. Capitalism
2. Communism