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Download Check for Understanding: Economic Systems
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Name: Date: Core: World Geography Capitalism, Socialism or Communism? Directions: Read over the description below and determine if the scenario being describe would most likely occur in a capitalist, socialist or communist economy . You should consider the following factors as you read over each scenario: Who owns the businesses – people or the government? What role does competition play – are businesses competing against each other or cooperating? What is the tax rate like in the country? 1. Ricky owns a store that sells items for your kitchen (pots, pans, oven mitts, etc…), but he pays really high taxes. He pays the government 60% of his income! Ricky wishes he could keep more of the money he makes, but he is happy that he does not have to pay for his health care or his college education (as the government pays for those things). I think this is an example of a ___________________ economy because: __________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Provide a definition for the type of economy you identified in your answer (define capitalism, communism or socialism). Next identify ways that scenario illustrates the definition you provided. 2. Mikey owns a Pizza Restaurant and he makes tons of money. Franny makes great pizzas and her friends encourage her to open up her own restaurant. Franny buys a building next to Mikey’s. Franny competes with Mikey by selling her pizza for $2.00 less than Mikey’s. I think this is an example of a ___________________ economy because: __________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Provide a definition for the type of economy you identified in your answer (define capitalism, communism or socialism). Next identify ways that scenario illustrates the definition you provided. 3. Comrade Cars is the only company that sells automobile in the entire country. Comrade Cars is owned by the government. The government has decided that Comrade Cars should be producing 40,000 station wagons, 20,000 S.U.V.s and 10,000 trucks next year based on the study it conducted in 2015 about its citizens’ cars. I think this is an example of a ___________________ economy because: __________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ Provide a definition for the type of economy you identified in your answer (define capitalism, communism or socialism). Next identify ways that scenario illustrates the definition you provided.
