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OC - WH - Capitalism Key Terms

OC - WH - Capitalism Key Terms

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Mr. Alkire

Used 2+ times

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

What is a free market?

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Back

An economic system where prices are determined by consumers

2.

FLASHCARD QUESTION

Front

What does private property refer to?

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Back

Ownership of assets by individuals or non-governmental entities

3.

FLASHCARD QUESTION

Front

What is the profit motive?

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Back

The intent to achieve monetary gain in a transaction

4.

FLASHCARD QUESTION

Front

What is consumer sovereignty?

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Back

Consumers have the power to determine what products are produced

5.

FLASHCARD QUESTION

Front

What is competition?

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Back

The existence of multiple businesses attempting to sell similar goods or services

6.

FLASHCARD QUESTION

Front

What is entrepreneurship?

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Back

The process of starting and running a new business

7.

FLASHCARD QUESTION

Front

What is capital accumulation?

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Back

The growth of capital assets used to produce goods and services

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