Is the standard of living differently in capitalist, socialist, and communist economies? Which economic system provides the highest standard of living? One way of answering these questions is by comparing economic data you might find in the library or on the Internet. (Hint: try the CIA Web site.) Choose one capitalist country, one socialist country, and one communist country. Use the following chart to record your findings.
CAPITALIST COUNTRY SOCIALIST COUNTRY COMMUNIST COUNTRY
Country Chosen
Gross Domestic Product (GDP)
Consumer Prices
Unemployment Rate
Average Income
Average Education
Based on the data of your research, write an organized essay that addresses the following task:
Contrast the social and economic differences between capitalism, socialism, and communism.
Why is it so necessary to have a freely elected government for democratic capitalism to create a prosperous and fair economy?
Analyze at least two reasons why, throughout the history of the United States, Americans have feared communism.
Your essay must:
Include an introduction with a clear understanding of economic systems
Support your answer with specific examples from the reading
Have at least 2 detailed body paragraphs
Include transition sentences
Include a conclusion that restates the economic concepts and summarizes the main points of your essay.
Be proofread for good spelling/grammar
Include text-based details
Please do not limit your research to these websites but here are a few useful ones:
Generel economic data: https://www.cia.gov/the-world-factbook/field/economic-overview/ (Links to an external site.)
GDP: https://www.cia.gov/the-world-factbook/field/real-gdp-per-capita/country-comparison (Links to an external site.)
Inflation rate (Consumer price): https://www.cia.gov/the-world-factbook/field/inflation-rate-consumer-prices/country-comparison (Links to an external site.)
Average income comparison: https://www.worlddata.info/average-income.php (Links to an external site.)
Education comparison: https://ourworldindata.org/tertiary-education
This is only a discussion so please keep it simple and not too short.
