Unit 6 Vocabulary

What is capitalism?

• An economic system where resources are publicly owned

• An economic system where resources are privately owned

• An economic system where the government controls all production

• An economic system with no competition

Who owns the means of production in a capitalist economy?

• The government

• Private individuals

• International organizations

• Community groups

What is industrialization?

• When an economy moves from agrarian to being based on the production of goods by using machines and factories

• When an economy focuses on agriculture and farming

• When an economy relies on manual labor without machines

• When an economy is based on trade and commerce

What is urbanization?

• The process of a city shrinking in size

• When the population and physical size of a city grows

• The development of rural areas

• The decrease in city population

What is a union?

• A group of employers managing a company

• An organization formed by workers to improve or protect wages, working conditions, and benefits

• A government agency regulating industries

• A social club for employees

What does a socialist believe in?

• That production and distribution of goods and services should be controlled by individuals

• That production and distribution of goods and services is regulated by the collective community or government

• That there should be no regulation of goods and services

• That prices of goods should be determined by competition in a free market

In socialism, who regulates the production and distribution of goods and services?

• Individuals

• Corporations

• Government or community

• Private businesses

What is formed when businesses in the same industry join to control production and distribution of a product?

• Monopoly

• Trust

• Partnership

• Franchise

What can a trust potentially eliminate in an industry?

• Innovation

• Competition

• Employment

• Quality

What is petroleum?

• A type of metal

• A kind of fruit

• Crude oil drilled from the ground used for fuel

• A type of gas