8.1 Economic Systems

What is the benefit of competition in a free market system?

doctrine opposing governmental interference in economic affairs

government ownership of means of production

All businesses compete with one another for profit, preventing any one business from gaining power over the entire field

One of the benefits of capitalism is

people put land, labor, and capital to productive use

Karl Marx believed that the bourgeoisie would overthrow the proletariat.

government plans how the economy will develop

happens because prices are regulated by the laws of supply and demand

Capitalism is also called a

evenly distributed property is a feature of a capitalist economy

the rivalry between companies selling similar products and services with the goal of achieving revenue, profit, & growth

What kind of tax rates do socialist economies generally have?

the government controls all means of production and thus creates the ultimate form of monopoly

Critics of capitalism assert that

Which is a factor of production?

Focus on differences within a society

private individuals or corporations control the factors of production

financial support given by the government through taxation to people in need

In a capitalist economy, the laws of supply and demand determine price.