(Answer Key) Economics and Economic Systems PowerPoint Notes Directions: When you come to the portion of the PowerPoint that is associated with economic scenarios you should use the items shown below to record your answers. Circle one (capitalism, socialism, or communism) for each item. You should then explain why/how you made your choice. 1. Scenario #1 (an example of ...): Capitalism Socialism Communism Explanation of your choice: in this system, individuals control the means of production and the market determines what goods will be sold and at what price; companies connot simply ignore the market and make ar many CAFS AS they want; they will over-produce (and lose of if they do this). 2. Scenario #2 (an example of ...): Capitalism Socialism Communism Explanation of your choice: the government produces the product (soda) and it alone determines the flavor, the amount supplied, and the price. Communism is when the government has complete control over the economy. 3. Scenario #3 (an example of ...): Capitalism Socialism Communism Explanation of your choice: It is capitalism because individuals (invertors) Can teke a risk that could result in profits or losses; the government does not play any role in this scenerio; there individuals own the means of production (the companies constructing the homes) = private property 4. Scenario #4 (an example of ...): Capitalism Socialism Communism Explanation of your choice: taxes are higher in socialism then in capitalism; socialism provides free access to health care and schools; unemployment may be lower than in capitalism because the government plays sem role in helping to manage the economy. 5. Scenario #5 (an example of ...): Capitalism Socialism Communism Explanation of your choice: low-quality products and minimal/no competition describes communism; the government mort likely owns the companies that produce the cars; it also (government) can get away with only offering be worried about 1 color because it har ho competition to 6. Scenario #6 (an example of ...): Capitalism Socialism Communism Explanation of your choice: Socialism involves private ownership of most (but not it all) all businesses, such as in this care; the government is setting regulations that the company must follow; it is it is not capitalism because the he go government ent is involved but it is also not communism because the government does not own the businesses. 7. Scenario #7 (an example of ...): Capitalism Socialism Communism Explanation of your choice: It is capitalism because the prices are determined by the market (produsers and consumers) and not the government; in this system, companies will go out of business if they cannot remain competitive (good prices and high quality) 8. Which economic system do you like the most and why? Explain. answers will vary 9. Which economic system do you like the least and why? Explain. answers will vary

Economic Systems Worksheet Answer Key

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