Economic Ideologies

Capitalism is an economic system in which __________ own the means of production and operate businesses in order to make a profit. 

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

Factories, mines, railroads, and machines are examples of....

How quickly you can produce a good to turn around and sell

• Input

• Efficiency

• Productivity

Which of the following best describes Division of labour?

• Breaking down of work into smaller units

• Doing variety if diversified work

• Each worker creates the final product

Which of the following is an advantage of division of labour?

• Less job satisfaction

• Delays in work

• Increased speed of work

A _____________ economy is driven entirely by voluntary exchange in markets guided by supply and demand

• Traditional

• Planned/Command

• Mixed

• Free Market

Laissez-faire means...

• Hats off
• Hands around
• Hands off
• Hands on

author and book title on the subject of Capitalism

• James Watt-Wealth of Nations

• John Locke-Wealth of Nations

• Adam Smith-Wealth of Nations

• Adam Locke-Wealth of Nations

Socialism was an alternative to what movement?

• Communism

• Nationalism

• Feminism

• Capitalism