BJU History Chapter 7 review

food, water, shelter

Socialism or capitalism:  master/slave relationship

True or False:  Competition is harmful to business.

Socialism or capitalism:  individuals own businesses

Socialism or capitalism:  people are assigned occupations

True or False:  If there is a small supply of an item, the price will usually be higher.

Socialism or capitalism:  government owns businesses

If shoes are sold in a shoe store, the shoes sold are called the _______.

Socialism or Capitalism:  the price of a toy will be the same in each store.

Which is more valuable, a diamond to a rich man or or food to a homeless man?

True or False:  In the United States, the government owns all the businesses and goods.

Socialism or capitalism:  freedom of choice

True or False:If a salesman charges too much or too little for an item, he will not make money.

this word means hard to get or rare

The shoes at the shoe store are called the ________.

worth in money

True or False:  Laws which affect the price of goods are the Laws of Supply and Demand.

Socialism assigns occupations or places to __________.

wealth that is owned and used by one person or a group of people

A capitalistic country allows the people the ____________ to make choices.

True or False:  Money is the root of all evil.

the way government handles its money and goods

Socialism or capitalism:  allows for competition

an amount of money that is more than the original cost of something