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WorksheetsCapitalism
Total questions: 20
Worksheet time: 10mins
Invisible hands is
the name of Adam Smith's Book
invisible forces that move the economy
the government force over the market
Which is a fundamental idea of laissez-faire capitalism
Workers should own the means of production
Businesses should gain and lose according to their own effort
Government should control output and wages
A sale on winter coats in June is an example of _____ supply, _______ demand.
High, low
Low, high
A present-day example of laissez-faire economics would be
minimun wage laws
farm subsidies
deregulation of the airline industry
Capitalism
global trading of people, goods, technology, ideas and disease
economic system in which money is invested in businesses to make profit
settlement of people living in a new territory controlled by their home country
Who came up with the idea of capitalism in their book, The Wealth of Nations?
Charles Marx
Adam Smith
Donald Trump
"The bigger the market, the more we specialize, the more we can produce"
Division of labor
Invisible hands
Labor market
Who makes the decisions in a capitalist economy?
The People or Citizens (You and Me)
The Government
The Book "The Wealth of Nations" provides the basic theory of
Socialism
Communism
Capitalism
Capitalism characteristics are............................
(THREE answers)
private property
freedom of choice
collective ownership
competition
Economic, Social and Political Equality
Adam Smith suggested governments should take control of the market.
True
False
Market or supply & demand determines prices in Capitalism
True
Falso
Input is any resource used to create ...
investments and incentives
labor and capital
goods and services
How badly you want, or need something. When you and your friends buy certain brands of shoes or clothes, you create a _______ for it.
Supply
Demand
Capital
Services
Output is _______ of good or services produced
cost
quantity
time
When a business has too much of a product.
Supply
Demand
Profit
Labor
A measure of economic performance that indicates how efficiently inputs are converted into output.
Productivity
Invisible hand
Division of labor
How are prices set in a capitalist economy?
Prices are set by what people buy and sell
Prices are set by the government
Specialization of cooperating individuals who perform specific task and roles.
Production
Industrial revolution
Division of labor
A person who wants to create their own business, or invest in another person's business ideas or inventions
Manager
Entrepreneur
Laborer
