Chapter 1, Section 4 Vocabulary

Question 1

Capitalists who own the means of production

Answer 1

bourgeoisie

Question 2

An economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises

Answer 2

capitalism

Question 3

An economic system in which the government controls the factors of production

Answer 3

command economy

Question 4

An economic system in which the central government directs all major economic decisions

Answer 4

communism

Question 5

The study of human efforts to satisfy seemingly unlimited wants through the use of limited resources

Answer 5

economics

Question 6

The philosophy that government should keep its hands off the economy

Answer 6

laissez-faire

Question 7

Workers who produce the goods

Answer 7

proletariat

Question 8

An economic system in which the government owns the basic means of production, distributes the products and wages, and provides social services such as health care and welfare

Answer 8

socialism

Question 9

a person who uses goods or services

Answer 9

consumer

Question 10

An economic system in which buyers and sellers make free choices in the marketplace

Answer 10

free market