Economic Systems - Quiz II

The resources used to make goods and services—land, buildings, machines, tools, and technology. Example: factory floor + robotics line.

Who legally owns a firm’s assets and controls decisions (e.g., sole owner, shareholders, workers, the state). Ownership shapes who gets profits and who has a vote.

Ownership that sits with the people who use an asset to produce (workers, residents) rather than distant, absentee owners. Example: teachers owning their school’s co-op copy shop.

A system that widely spreads productive property across households (homes, tools, shares), so most people can build wealth and independence—rather than relying only on wages.

A business owned and democratically governed by its employees, typically “one worker, one vote,” with profits shared among them.

A retirement plan that buys company shares for employees, turning workers into part-owners over time.

A nonprofit that owns land for community benefit and leases it long-term to families or businesses, keeping housing or workspace permanently affordable.

A member-owned financial organization where customers are also owners and share in benefits (lower fees, dividends).

A professional association that sets training standards, ethics, and quality norms for a trade; a modern version focuses on credentials and best practices, not price-fixing.

The ability of workers or firms to get better terms (wages, prices, conditions) during negotiation. Drivers: alternatives, unions, legal protections, market demand.