Communism vs capitalism

Review the differences between the economic systems of communism and capitalism

1. Communism vs. Capitalism Social Studies 6 th Grade

2. Create T-Chart in Your notebook Communism Capitalism

3. What is Communism? Economic system where wealth is distributed evenly (in theory) Opposite of Capitalism Idea is to give all citizens equal wealth and social status There is no difference between citizens Examples: China, North Korea, Cuba

4. Negatives of Communism Tend to be undemocratic Benefits only a few at the expense of the majority of citizens Power is in the hands of few people (Gov’t leaders) Centralized government- controls everything Most communist countries are struggling and unsuccessful Citizens receive the same pay no matter how hard they work= less effort from employees

5. Video http://www.brainpop.com/socialstudies/economics/communism/

6. What is capitalism? Economic system where people compete to make money Considered a “free market/ free enterprise” Based on supply and demand Opposite of Communism Power is in the hands of citizens Examples: United States, Germany

7. Negatives of Capitalism Capitalism creates unequal social classes based on wealth The majority of business owners end up gaining the most wealth while the work is done by regular citizens Gap between the rich and the poor Believed to create strife between workers and factory owners