Capitalism
T or F
Emphasizes private ownership
What is true?
T or F
Emphasizes on private ownership
What is false?
T or F
Emphasizes on no government involvement
What is false?
Money earned after business costs are paid
What is profit?
This continent was the main setting for World War I.
What is Europe?
What is one of the four important features of capitalism?
What is private ownership, profit, competition, or consumer choice?
Resources or businesses are owned or controlled by a group, community, or the public rather than solely by private individuals
What is collective ownership?
He wrote The Communist Manifesto
Who is Karl Marx?
A system in which buyers and sellers exchange goods and services
What is a market?
An agreement between countries to support one another is called this.
What is an alliance?
This term describes the ability of people and businesses to compete for customers and profits.
What is competition?
Socialism often emphasizes reducing this economic condition between different groups of people.
What is inequality?
Factories, mines, and machinery used to produce goods are examples of these.
What are means of production?
In capitalism, prices are often determined by the interaction of these two forces.
What are supply and demand?
This event is commonly identified as the immediate trigger of World War I.
What is the assassination of Archduke Franz Ferdinand?
In a capitalist economy, this group generally owns and operates businesses rather than the government.
Who are private individuals and companies?
This type of economy combines private businesses and markets with significant government programs and regulation.
What is a mixed economy?
A society without economic classes is described by Marxist theory as this.
What is a classless society?
Reducing differences in wealth, income, or access to resources
What is economic equality?
If you remember MAIN, you can remember these four major long-term causes of World War I.
What are militarism, alliances, imperialism, and nationalism?
This famous economist argued that individuals pursuing their own economic interests could unintentionally contribute to economic prosperity.
Who is Adam Smith?
Unlike the strict theoretical definition of communism, many forms of socialism can allow this alongside public or collective ownership.
What is private property/private businesses?
This economic system is often contrasted with communism because it emphasizes private ownership and markets.
What is capitalism?
Productive resources being owned collectively rather than by individual private owners?
What is common ownership?
Germany, Austria-Hungary, and Italy were originally members of this alliance.
What is the Triple Alliance?