Economic Systems Basics
This economic system is based on private ownership of resources and market decision-making.
Capitalism
The video explains that this group decides what gets produced in a capitalist system.
consumers
This entity decides what is produced and at what price.
The government
The exploitation of children for industrial work.
Child Labor
This system relies on government ownership of productive resources.
Socialism
According to the article, capitalism tends to be more _________ than other economic systems.
efficient
This Cold War-era example showed shortages caused by price controls in which country?
This is the price at which buyers and sellers agree to trade.
market price
This system includes government ownership and a one-party state to enforce decisions.
Communism
This term means businesses are owned by individuals rather than the government.
Private ownership
This term describes the idea that capitalism will eventually collapse due to class struggle.
Revolution
This describes a system where the government controls prices and production.
Planned economy
This system claims to be capitalist but lacks democracy and often rewards political allies.
Fascism
This concept explains why poorly run firms fail while well-run firms succeed in market economies.
competition
The text identifies these two countries as the only nations that officially remain communist states.
North Korea and Cuba
This term describes an economic system characterized by innovation and the investment of capital in machines and technology to increase production
Industrial Capitalism
Most countries today operate under this type of economic system that fuse markets and government involvement.
Mixed Economy
Capitalist economies are described as having a _______ ______ compared to socialist economies.
higher ceiling
The text states that communism typically requires this type of "state" to enforce economic decisions.
One-party state
Used to describe socialism and communism, this term refers to a system's focus on ensuring a more equal distribution of resources.
Equalitarian