Learn about capitalism, socialism, and communism.

Introducing the Systems
Capitalism is a social system based on the recognition of individual right, including property rights, in which all property is privately owned. It is the system of political freedom. Communism is the rule of a single society by a single party which maintains a monopoly of political power and which suppresses all opposition. Socialism is a society run by the working class rather than the middle class. These are all different economic systems. Economics is a sosial science concerned chiefly with description and analysis of the production, distribution and consumption of goods and services.

Capitalism
A capitalist is an advocate of leissez-faire capitalism. Leissez-faire capitalism means the complete separation of economy and state, just like the separation of church and state. Capitalism is the social system based upon puivate ownership of the means of production, which entails a completely uncontrolled and unregulated economy where all land is privately owned. Capitalism has many good and bad points. For instance, if you had a Capitalist country with absolutely no government control monopolies would form. This would be bad because then they could have extremely high prices, with no competition. If that happened and it was an item that many people needed it would greatly affect our economy for the worst. Also if the government doesn't interfere the economy would go up tremendously high and them come crashing down. When it was up it wouldn't be to bad but when down it would force the country into an economic depression.

Communism
Communism is pretty much the total opposite. The government controls everything. In strict communism everyone, no matter what his or her job, gets paid the same amount of money. People take tests to see what type of job they are best suited for. Dwellings and items are given out to people based on their rank or need.

Socialism
Socialism is when the working class owns all the businesses other than the richer class. It is both collective and individual. It is collective because it can control production and production is for the good of the people and other than for individual profit. It is individual because the work becomes a free and self-affirming thing for each worker. The workers receive the full worth of their labor. The richer people do not control production, instead everyone is an owner.

Economic and Political Systems
There are many different economic systems, these are just the main ones. Some political systems include democracies, monarchies, dictatorships, military rulers, and Communist one-party governments. Ther are many more of them, too. Each economic and political system also have different variations. In the world, there are many economic and political systems.

Social Studies/People, Places and Environments

Standard 1: The student understands the world in spatial terms (SS.B.1.3).

Objective 3:kKnows the social, political, and economic divisions on Earth's surface.

Amusement Park Activity

Amusement Park Systems- Go to an amusement park. Talk to someone there about how th epark is owned, how the people are paid depending on what they do, and how the park is run. Think about it as if it were a country. What type of government would it have? What type of economic system?

Brainstorming Fun

Idea 1. Pick ten countries and
sort them into three catogories
according to what type of
economic system they have.

Idea 2. Find out about three
types of government systems,
then make a diagram like a family
tree with each position.

Vocabulary

monopolies - Exclusive ownership
through legal privilege, command of
supply, or concerted action.

Competition - the effort of two or
more parties acting independently
to secure the business of a
third party by offering the most
favorable terms.

Profit - A valuable return; gain.

Did You Know?

In 1929, America entered
the Depression, and by 1935
only 400 amusement parks still
remained many struggling to
survive.