Capitalism

Question 1

Market System

Answer 1

a system in which enconomic activities are left up to the people freely responding to the oppurtunities & discouragments of the marketplace

The idea of buying and selling

Question 2

Traditional system

Answer 2

Basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed.

It is a self-sufficient economy

Question 3

Command System

Answer 3

One in which a centralized government controls the means of production and determines output levels.

Question 4

Capitalism’s affect on stratification

Answer 4

With the emergence of and spread of a market economy, class stratification seems to be displaying other systems

Question 5

Capitalism’s affect on technology

Answer 5

Trying to improve your products, lower the cost of production and outsell your competitors.

Question 6

Capitalism’s affect on worker’s freedom, self-sufficiency, and economic security?

Answer 6

Dries up the need for work and increases income inequality

Question 7

Laissez-Faire Policy

Answer 7

The less the government is involved in the economy, the better.

Question 8

Intervention Policy

Answer 8

an economic policy position favouring government intervention in the market process with the intention of correcting market failures and promoting the general welfare of the people.

Minimum wage, changing of interest rates