Capitalism and Communism

• What is the definition of capitalism?

  An economic system where private individuals or businesses own and control property and production is driven by profit in a competitive market.
• What are the key features of capitalism?

  • Individuals can own and control their own property and businesses.
  • Prices and production are determined by supply and demand.
  • The main goal of businesses is to generate profit.
  • Consumers have the freedom to choose products and services.
• What are the advantages of capitalism?

  • Supports economic growth, advancements in technology and innovation.
  • Freedom to choose.
  • Growth in living standards.
• What are the disadvantages of capitalism?


  • Can result in economic inequality and opportunities.
  • Reduced competition.
  • Class division.
  • Can create boom and bust cycles.
• Which countries practiced capitalism during World War II?

  • United States
  • Great Britain
  • Australia
  • Canada
  • France
  • South Africa
• What is the definition of communism?


  A system where the government advocates for collective ownership of property and resources, where goods are produced and distributed according to need.
• What are the key features of communism?

  • All means of production are owned collectively or by the state/government.
  • The government makes decisions about production and distribution.
  • The aim is to eliminate class distinctions and provide equal access to resources.
  • The focus is on meeting needs rather than generating profit.
• What are the advantages of communism?

  • Economic equality.
  • Universal access met for all citizens.
  • Planned economy.
  • Focus on the community rather than individual competition.
• What are the disadvantages of communism?

  • Limited consumer choice.
  • Absence of profit.
  • Lack of innovation.
  • Can lead to inefficiency.
  • Bureaucracy.
• Which countries practiced communism during World War II?

  • Soviet Union
  • Vietnam
  • North Korea
  • Mongolia
  • Poland