COMMUNISM SOCIALISM AND CAPITALISM
COMMUNISM CONCEPT TYPES EXAMPLE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the rich will continue to get richer.
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people will only work as hard as they need to.
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those that don’t work hard enough do not reap the benefits.
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the government keeps all of the wealth.
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Detailed explanation-1: -Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.
Detailed explanation-2: -Socialism includes the collective ownership of the means of production, central planning of the economy, and the emphasis on equality and economic security with the goal of reducing class distinctions.
Detailed explanation-3: -The failure of socialism in countries around the world can be traced to one critical defect: it is a system that ignores incentives. Under socialism, incentives either play a minimal role or are ignored totally. In a capitalist economy, incentives are of the utmost importance.
Detailed explanation-4: -Socialism Stands for an excessively powerful government: It is most likely to lead to corruption. Increase in the power and role of state can make it a bureaucratic state. The accept limited and state regulated ownership of means of production and distribution by private companies or organisation.