Social 30-2 Capitalism Terms Review

Question 1

The "E" in P.R.I.C.E.S

Accepted Answer

economic freedom

Question 2

Resources that are owned by individuals or corporations, not by the government.

Accepted Answer

private property

Question 3

The head to head rivalry between 2 or more businesses to outdo each other.

Accepted Answer

competition

Question 4

The ultimate goal for a business; main incentive in capitalism that pushes people to work hard

Accepted Answer

profit motive

Question 5

The "P" in P.R.i.C.E.S

Accepted Answer

private property

Question 6

quality important to individualists; if you have a 'good one' of these, you will succeed

Accepted Answer

work ethic

Question 7

The "trickle down effect" is supposed to occur if a person is successful when working for this.

Accepted Answer

self interest

Question 8

The idea that no one controls the markets, yet they produce what is needed is know as...?

Accepted Answer

invisible hand

Question 9

Idea that BUYERS have lots of power and control in the market place

Accepted Answer

consumer sovereignty

Question 10

In a market economy, prices go up and down depending on this.

Accepted Answer

supply and demand

Question 11

The economic system that dominated during Medieval Times

Accepted Answer

mercantilism

Question 12

Every time you buy something, you tell producers which products should succeed

Accepted Answer

dollar voting

Question 13

Your right to buy and sell what you want.

Accepted Answer

economic freedom

Question 14

Not having government interfere in the workings of the economy

Accepted Answer

laissez-faire

Questions 14