M15 L4: Reforming the Industrial World

Front

What is Capitalism?

Back

Capitalism is an economic system where the means of production are privately owned and operated for profit!

Front

______________get to make the economic decisions under capitalism.

Back

Individuals

Front

Which is NOT a characteristic of Capitalism? Market Economy, Supply and Demand, Freedom of Competition, Classless Society

Back

Classless Society

Front

Public ownership of the factors of production and government involvement in the economy.

Back

Socialism

Front

In a socialist economy, the wealth is distributed evenly among citizens.

Back

True

Front

In a socialist country, citizens pay LESS in taxes than those who live in a capitalist country.

Back

False

Front

Who wrote "The Wealth of Nations" and believed the government should have a limited role in business? Options: Karl Marx, Charles Fourier, Jeremy Bentham

Back

Adam Smith

Front

With the law of competition, this economic system aims to make the best products for the lowest amount of money, which often times leads to bad treatment of workers.

Back

Capitalism

Front

The United States is an example of what economic systems? Options: Capitalism, Socialism, Utilitarianism, Communism

Back

Capitalism

Front

According to Marx, in true communism, who owns everything?

Back

All the people as a community