CM Un8Wk1 - Econ Systems

Socialism, Capitalism & the Minimum Wage

By Chip Krolik

Multiple Choice

The study of how people seek ways to meet their wants and needs by making choices is called?

• Economics

• Philosophy

• Capitalism

Drag and Drop

The four factors of production.

Placeholder

Drag these tiles and drop them in the correct blank above

Natural Resources, Labor, Capital, Entrepreneurship

Machines, Money, Oil, Plastic

money, big cars, money, diamond rings

Socialism, Capitalism, Communism and Fascism

Labor, Management, Cost, Development

stocks, bonds, mutual funds, assests

the four aren't listed here

Drag and Drop

Phrase that means how good a person's quality of life is.

Placeholder

Drag these tiles and drop them in the correct blank above

Standard of living

Opportunity standard

rent control

Cost of living

Multiple Choice

How are prices determined in a free enterprise system?

• By the government

• Through central planning

• By supply and demand

• Based on tradition

Multiple Choice

What factor of production does this picture represent?

• Land
• Capital
• Labor
• Entrenprenour

Multiple Choice

When inflation is high the _______________of the dollar decreases

• cost value
• purchasing power
• importance
• validity

Multiple Choice

Who is most likely to be hurt the most by inflation?

• someone who borrowed money
• a retiree on a fixed income
• a business owner
• the U.S. government

Multiple Choice

Most countries try to maintain an inflation rate of ______ per year.

• One percent or less

• Two to three percent

• Four to five percent

• Six to seven percent

Multiple Choice

Which economic system allows for private ownership of resources?

• Capitalism

• Socialism

• Feudalism

• Communism

Multiple Choice

What is the definition of socialism?

• The idea that the means of production, distribution and exchange should be owned and regulated by the community as a whole.

• The idea that all free men over the age of 21 of good standing should have the right to vote.

• The idea that women should have equal political, social and economic rights as men.

• The idea that a country’s trade and industry should be controlled by private owners for profit, rather than by the state.

Multiple Choice

What does an economy provide to the people of a country?

• Goods and services

• Land, labor, capital and management

• Money and factories

• Management and Labor

Multiple Choice

In capitalism, who owns property and businesses -- and keeps the profits?

• private people

• government

• the poor

• everyone, equally

Multiple Choice

How is capitalism DIFFERENT from communism?

• In capitalism, businesses are owned by people.

  In communism, businesses are owned by the government.

• In capitalism, prices are high.

  In communism, prices are low.

• It capitalism, people share.

  In communism, there is a big gap between rich and poor.

• In communism, people share.

  In capitalism, there is a big gap between rich and poor.

Multiple Choice

What is the primary concern of socialism regarding income equality?

• Increasing income differences.

• Reducing income differences.

• Maintaining income differences unchanged.

• Not being concerned about income equality.

Multiple Choice

Define minimum wage

• The minimum price firms are willing to pay for labour

• The minimum price unskilled workers are willing to supply their labour for

• The minimum price of labour set by governments in the labour market

• The minimum price of labour set by governments in the resource market

Multiple Choice

How much is the federal minimum wage (currently)?

• $15.00

• $12.00

• $10.00

• $7.25

• $9.50

Multiple Select

How would most companies respond to a raise in minimum wages? Choose all that apply.

• eliminate workers

• raise prices

• hire more workers

• keep everything the same

Poll

After this review, I feel --- about economic systems

• very good/

  very confident

• good/confident

• so-so...I think I get it

• lost...I don't understand any of this stuff

• other: my thoughts/feelings are not listed here