Econ 1-3C Twins (Capitalism Socialism, Communism)

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E.1.6 Describe and compare the various economic systems (i.e., traditional, market, command, mixed, feudal, mercantile) and explain their strengths and weaknesses. (E)
GE.8.2 Compare and contrast the arguments for and against free trade.
E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E)
E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.

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Lance Hiles

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Econ 1-3C Twins (Capitalism Socialism, Communism)


Econ 1-3C Twins (Capitalism Socialism, Communism)Online version E.1.6 Describe and compare the various economic systems (i.e., traditional, market, command, mixed, feudal, mercantile) and explain their strengths and weaknesses. (E) GE.8.2 Compare and contrast the arguments for and against free trade. E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E) E.1.2 Identify incentives and explain how they influence economic behavior and decision-making. by Lance Hiles A C E F G H I K L M N O P R S T U V W Y Contains A The reason the two Koreas are considered a controlled experiment is because they were the same country before the ____ . They had the same language, religion, climate, and history. The only difference now is the economy. Starts with C Two Koreas are considered a controlled experiment because they were the same country: same language, religion, climate, and history. Most countries are completely different, physically & culturally, which makes it hard to ____ ____ . Contains E Unlike communism, socialism is a system where the government distributes the ____ to individuals in a way it deems fair and equitable. Contains F Some Americans think socialism will work in the U.S. because it works in Denmark & Sweden, but that might not be true. Sweden & the U.S. have ___ cultures & histories. Starts with G The main difference between communism, socialism & capitalism is how much control the ___ has in the economy: from absolute control to no control at all. Contains H Danny DeVito promotes universal health care and higher taxes for the ____ . This is democratic socialism, which lies between socialism and capitalism. Starts with I Movie producers did not think Arnold would be successful in a comedy & would not ____ their money. Since the U.S. practices capitalism, Arnold was free to [same] his own money in the movie. This is an incentive that separates capitalism & communism Starts with K One of the world's most important economic experiments occurred when these two actors were born. I'm talking about two countries that were once one country. South ____ and its neighbor. Contains L Central Planning left North Korea's economy stagnant, but _____ also hurt the economy, i.e. staying to itself & not trading with other countries. Contains M Most people think ____ is the same as communism, but it is not. Communism uses Central planning (total government control), while in [same] the government is less involved in the economy. Contains N South Korea's economy is 57 times larger than North Korea's and it's become a global leader in industries like electronics, cars, and entertainment. ____ ____ doesn't work. Contains O Danny DeVito is not a socialist. He's a ____ socialist. [same] socialists want less government involvement than a pure socialist. Contains P Democratic socialism lies between socialism and capitalism. People disagree over the role of capitalism, but they agree that the government should tax ____ & use the money to fund universal health care & tuition-free college. Starts with R During the 1950s, the Cold War existed between the U.S. & the Soviet Union. The U.S. experienced the ____ ____ , fearing that communist were taking over the government. Since the [same], the idea of socialism has been taboo. Starts with S After the Soviet Union & Communism collapsed, the remaining countries agreed that this proved socialism had failed, and that obviously the remaining western countries needed more ____ , per Milton Friedman. Contains T Unlike communism, socialism is a system where the government has nationalized most all major industries, but ____ and resources aren't owned and controlled by the state. Contains U The experiment between North & South Korea is over. Capitalism & free markets work, while ____ & central planning do not work. Contains V North Korea's central planned economy is weaker than South Korea's free market economy. Economists think this is because people in a free market economy have an ____ to work harder, while there is no ____ to work hard in a central planned economy. Contains W Some Americans think socialism would work in the U.S., since it works in ____ . Cuba & Venezuela are bad examples of socialism, since their economies are not doing well. Contains Y The reason the two Koreas are considered a controlled experiment is because they were the same country before the war. They had the same language, religion, climate, and history. The only difference now is the ____ ____ .

Econ 1-3C Twins (Capitalism Socialism, Communism)

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Econ 1-3C Twins (Capitalism Socialism, Communism)Online version

by Lance Hiles

Contains A

The reason the two Koreas are considered a controlled experiment is because they were the same country before the ____ . They had the same language, religion, climate, and history. The only difference now is the economy.

Starts with C

Two Koreas are considered a controlled experiment because they were the same country: same language, religion, climate, and history. Most countries are completely different, physically & culturally, which makes it hard to ____ ____ .

Contains E

Unlike communism, socialism is a system where the government distributes the ____ to individuals in a way it deems fair and equitable.

Contains F

Some Americans think socialism will work in the U.S. because it works in Denmark & Sweden, but that might not be true. Sweden & the U.S. have ___ cultures & histories.

Starts with G

The main difference between communism, socialism & capitalism is how much control the ___ has in the economy: from absolute control to no control at all.

Contains H

Danny DeVito promotes universal health care and higher taxes for the ____ . This is democratic socialism, which lies between socialism and capitalism.

Starts with I

Movie producers did not think Arnold would be successful in a comedy & would not ____ their money. Since the U.S. practices capitalism, Arnold was free to [same] his own money in the movie. This is an incentive that separates capitalism & communism

Starts with K

One of the world's most important economic experiments occurred when these two actors were born. I'm talking about two countries that were once one country. South ____ and its neighbor.

Contains L

Central Planning left North Korea's economy stagnant, but _____ also hurt the economy, i.e. staying to itself & not trading with other countries.

Contains M

Most people think ____ is the same as communism, but it is not. Communism uses Central planning (total government control), while in [same] the government is less involved in the economy.

Contains N

South Korea's economy is 57 times larger than North Korea's and it's become a global leader in industries like electronics, cars, and entertainment. ____ ____ doesn't work.

Contains O

Danny DeVito is not a socialist. He's a ____ socialist. [same] socialists want less government involvement than a pure socialist.

Contains P

Democratic socialism lies between socialism and capitalism. People disagree over the role of capitalism, but they agree that the government should tax ____ & use the money to fund universal health care & tuition-free college.

Starts with R

During the 1950s, the Cold War existed between the U.S. & the Soviet Union. The U.S. experienced the ____ ____ , fearing that communist were taking over the government. Since the [same], the idea of socialism has been taboo.

Starts with S

After the Soviet Union & Communism collapsed, the remaining countries agreed that this proved socialism had failed, and that obviously the remaining western countries needed more ____ , per Milton Friedman.

Contains T

Unlike communism, socialism is a system where the government has nationalized most all major industries, but ____ and resources aren't owned and controlled by the state.

Contains U

The experiment between North & South Korea is over. Capitalism & free markets work, while ____ & central planning do not work.

Contains V

North Korea's central planned economy is weaker than South Korea's free market economy. Economists think this is because people in a free market economy have an ____ to work harder, while there is no ____ to work hard in a central planned economy.

Contains W

Some Americans think socialism would work in the U.S., since it works in ____ . Cuba & Venezuela are bad examples of socialism, since their economies are not doing well.

Contains Y

The reason the two Koreas are considered a controlled experiment is because they were the same country before the war. They had the same language, religion, climate, and history. The only difference now is the ____ ____ .

Two Koreas are considered a controlled experiment because they were the same country: same language, religion, climate, and history. Most countries are completely different, physically & culturally, which makes it hard to .

South Korea's economy is 57 times larger than North Korea's and it's become a global leader in industries like electronics, cars, and entertainment. doesn't work.

During the 1950s, the Cold War existed between the U.S. & the Soviet Union. The U.S. experienced the , fearing that communist were taking over the government. Since the [same], the idea of socialism has been taboo.

North Korea's central planned economy is weaker than South Korea's free market economy. Economists think this is because people in a free market economy have an to work harder, while there is no to work hard in a central planned economy.

The reason the two Koreas are considered a controlled experiment is because they were the same country before the war. They had the same language, religion, climate, and history. The only difference now is the .