Read each scenario below and decide whether it describes capitalism, socialism, or communism. You should have 4 capitalist scenarios, 6 socialist scenarios, and 5 communist scenarios.

1. A person starts up a business.
2. No money exists.
3. The government taxes over fifty percent of your income.
4. Health care is absolutely free; it is funded by taxes and the state.
5. Health care is absolutely free; it is provided for the people by the people.
6. People own their houses, cars, stereos, and other personal items.
7. The people expect to be compensated during times of unemployment.
8. No one is ever unemployed.
9. Rich people pay more taxes than poor people do.
10. This society bases its democracy upon the lack of classes.
11. There is a large amount of government regulation in industry.
12. The government is responsible for maintenance of the economy.
13. The government has created a large welfare state.
14. There is no voting in this society.
15. Societal advancement is based on accumulation of wealth.



Answer :

Final answer:

Socialism and communism aim to reduce inequality through different approaches.


Explanation:

Socialism and communism are economic and political systems focused on reducing inequality.

Socialism involves state ownership of major industries with resource allocation based on rights and achievements. In contrast, communism aims for total equality in resource distribution.

In socialism, there is a mix of public and private property, while communism advocates for all property to be publicly owned and managed by the state.


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