This owns the means of production in a pure command economy.
What is the government?
100
In a democracy, government officials who lose an election will do this.
What is leave office?
100
Economic health and wealth in a mercantile system are measure by these.
What are gold and silver (precious metals)?
100
The person in a dictatorship who has the most wealth.
Who is the dictator?
100
Deciding what to make, how to make it, and for whom to make it are decisions left to these people in capitalism.
Who are individual consumers and producers?
200
With wages and prices controlled, workers have little incentive to do this in a command economy.
What is work hard?
200
Majority rule is coupled with rights for this group.
What is the minority?
200
This heavily regulates, or commands, the mercantile economy.
What is the government?
200
Economics is the study of how societies allocate goods and services in an environment of scarcity, meaning there is never enough to satisfy these.
What are everybody's wants and needs?
200
In free enterprise, prices are set by this.
What is the free market?
300
Central planners are always less efficient than this at making economic decisions?
What is the free market?
300
This economic system is incompatible with a democracy.
What is a command economy?
300
Its mercantile policies were one of the causes of a Revolutionary War that it lost in 1781, costing it control over a major source of raw materials and wealth.
What is Great Britain?
300
Value is a function of scarcity and this.
What is usefulness?
300
Workers are providers of this and sell it on the open market.
What is labor?
400
Milton Friedman noted that everyone acknowledged the failure of socialism after the fall of this country.
What is the Soviet Union?
400
Democratic elections are regular, fair, and this.
What is free?
400
The mercantile economy strives to have the balance of this in its favor.
What is trade (the balance of trade)?
400
The post-1953 success of this country's economy stands in stark contrast to its northern neighbor.
What is South Korea?
400
The chief disadvantage of capitalism is this.
What is the instability of occasional downturns?
500
Modern capitalism emerged in part as a response to this command economic system with its severe limits on international trade.
What is mercantilism?
500
In a democracy, corrupt government officials who abuse power will face this from the independent and impartial courts.
What is punishment?
500
These provide the mercantile economy with raw materials and also serve as markets for the manufactured goods the mother country makes from those raw materials.
What are colonies?
500
The economic theory that gave its name to a totalitarian party that ruled many nations during the Cold War.
What is communism?
500
Walter Williams notes that, unlike poker, capitalism is not zero sum, meaning that, in a free market exchange, everybody does this.