Economic Theories and People

This economic system first emerged in Europe around 1600 and was marked by people investing in business to make profit

• Trade

• Monarchyism

• Capatilism

• Joint Stock Co.

What is Capitalism?

• When people meet at the Capitol Building

• Goods are produced privately, and prices are determined based on how much of the item is made, as well as the demand for it.

• Goods made that anyone could make their own versions of because no one really wants them.

• Goods are made anywhere, but the U.S government has to approve and determine the prices that the goods will be sold for

What does "Laissez-Faire" mean?

• "Fair Laws" If the government makes laws that aren't fair, people can rebel and go on strike from production

• "Let us Help" The government controls every decision made about the producing and distributing of goods.

• "Let them do" Government can't interfere with production and distributing of goods

• Companies are being lazy and not producing enough goods.

Which is NOT a chief characteristic of Capitalism?

• Laissez-Faire

• Free Market

• Government has full control

• Private Ownership

• Value is based on property

The definition of socialism is?

• commen ownership
• no private property
• all of the above
• the state controls means of production

economic system in which the factors of production are privately owned and money is invested to make a profit.

• Capitalism

• Socialism

belief that in a free market, economies and businesses function better when there is no interference from the government

• Capitalism

• Socialism

• Laissez-Faire

economic system in which the factors of production are owned by the public and operate for the welfare of all.

• Capitalism

• Socialism

Individuals & businesses own property & means of production (private)

• Capitalism

• Socialism

Progress results when a community of producers cooperate for the good of all

• Capitalism

• Socialism