1. Aim: How are Capitalism and Communism different?
Do Now: Do you think that everyone should be paid the same amount of money for their work?
Adam Smith
Karl Marx
Ideas
Concept
Book

2. Capitalism Vs. Communism Vocabulary
Capitalism* – economic system where the means of production are privately owned & operated for a profit
“Free Market System”
Laissez-Faire* – “leave business alone” – policy in which government takes a hands off approach to business & does not interfere
Socialism* – economic system where the people as a whole own all the property & business
Communism* – system of government in which all wealth & property is owned by the government
“Command Market System”

3. Task # 1 Read the Handout – Adam Smith meets Karl Marx
Underline & highlight the important information
Answer questions 1 – 5 in your notebooks

4. Capitalism Vs. Communism
Adam Smith
Karl Marx
Ideas
Concept
Book
Capitalism - economic system where the means of production are privately owned & operated for a profit
Communism - system of government in which all wealth & property is owned by the government
Laissez-Faire – “leave business alone” – policy in which government takes a hands off approach to business & does not interfere
Socialism - economic system where the people as a whole own all the property & business
The Wealth of Nations
The Communist Manifesto

5. F. S. Q. – in your notebooks
Which economic system do you think is better? Why?
Explain your answer in 3 FULL SENTENCES