Culture Flashcards
(13 cards)
What is the definition of entrepreneurship?
The process of designing, launching, and running a new business
Entrepreneurship plays a crucial role in economic development.
What are some challenges faced by entrepreneurship?
- Risk-taking
- Access to capital
- Regulatory hurdles
Entrepreneurs often face various challenges that can impact their success.
Define slave labor.
Forced labor where individuals are compelled to work against their will
Slave labor includes practices such as human trafficking and exploitative labor practices.
What are some criticisms of slave labor?
- Human rights violations
- Exploitative labor practices
- Economic implications
Criticisms highlight the moral and ethical issues surrounding slave labor.
What is capitalism?
An economic system characterized by private ownership of the means of production
Capitalism encourages market competition and profit motive.
What are key features of capitalism?
- Market economy
- Competition
- Profit motive
- Economic efficiency
- Consumer choice
These features drive the dynamics of capitalist economies.
What is the impact of natural resources on capitalism?
Basis for economic development and source of energy and raw materials
Natural resources are crucial for sustaining capitalist economies.
What are the environmental impacts of capitalism?
- Environmental degradation
- Exploitation of labor for profit
Capitalism can lead to significant environmental challenges due to resource extraction.
Fill in the blank: The transatlantic slave trade is an example of _______.
Slave labor
What role does innovation play in capitalism?
Driving economic growth
Innovation is essential for maintaining competitive advantage in capitalist markets.
What is the relationship between natural resources and entrepreneurship?
Natural resources provide the foundation for new business opportunities
Entrepreneurs often leverage natural resources for innovative products and services.
True or False: Capitalism inherently leads to income inequality.
True
Income inequality is a common criticism of capitalist systems.
What efforts can be made to combat the challenges of slave labor?
- Advocacy and awareness
- Legislation
- International agreements
Efforts to combat slave labor require coordinated actions at multiple levels.
