Explanations for Capitalism and Socialism and Communism

1. Study the definitions and explanations for capitalism, socialism and communism. Remember that pure capitalism and pure communism do not exist. In 1-3 sentences each, explain how the three systems

allocate resources in general (natural, human and capital)

form “businesses”

use profits

2. After studying the definitions and explanations for supply, demand and equilibrium, explain how and why a shortage and a surplus occur, and what happens in a free market if and when they do. (3-5 sentences)
3. Your text states that socialism has “free education, free health care and free child care”, among other things. Explain your argument for or against this statement (3-5 sentences).
4. View the following video online. Select one of the “myths”, summarize it in your own words and argue your support or refute of it (4-6 sentences). http://www.youtube.com/watch?v=KGPa5Ob-5Ps
5. Look up Milton Friedman online and read his basic principles. Note how they differ from Keynes. Then find and watch any youtube video of him in an interview or a speech. Complete the Discussion Board (here on BbLearn) “Milton Friendman – Chapter 2”, by posting the link to the video clip you watched for others to see, and a comment about your reaction to it (3-5 sentences). Then watch one other video clip posted from a peer in the class and respond to his/her comment post (3-5 sentences) This is meant for dialogue – you may also watch two clips posted from other students and comment on them instead

Answer Preview-Explanations for Capitalism and Socialism and Communism