1. Do Now: answer the following T/F Questions & make them true statements - ‘The Soviet Union (Russia) is a capitalist country?’ - - ‘The United States of America is a communist country?’

2. Adam SmithKarl Marx Ideas Capitalism –Communism - Concept Laissez-Faire –Socialism- BookThe Wealth of Nations The Communist Manifesto

3. 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 Communism – economic system in which all wealth & property is owned by the government Socialism – economic system where the people as a whole own all the property & business

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

5. Would you rather live in a Capitalist or in a Communist country? Explain your answer in FULL SENTENCES