market systems pt.2

Question 1

private ownership of businesses and marketplace competition

Answer 1

capitalism

Question 2

concerned about its people and takes care of those who cannot care for themselves

Answer 2

capitalism

Question 3

political system of capitalism

Answer 3

democracy

Question 4

father of capitalism

Answer 4

Adam Smith

Question 5

principle of government’s non- interference

Answer 5

Laissez-faire

Question 6

Creates unequal societies

Exploits the laborers or the resources
of less-developed nations

Often results in economic
monopolies

Answer 6

Criticisms of market economy

Question 7

Rich becomes richer (), Poor becomes poorer ()

Answer 7

capitalists
worlers

Question 8

prompts mass production

Answer 8

free trade

Question 9

one entity controls a business sector

Answer 9

monopoly

Question 10

command economy economic queries

Answer 10

What to produce? Depends on one person ( a dictator) or a group of government officials (central planning committee)

How to produce? State owns all the factors of production and makes all the decisions

For whom to produce? Government decision

Motive: Social Justice

Question 11

The government runs everything (totalitarian government)

Only one political party, the communist party, runs the government

All people able to work are assigned jobs

The government assigns housing, schools,
and occupations

There is little to no economic freedom

Answer 11

Communism

Question 12

founder of communism

Answer 12

Karl Marx

Question 13

established a command economy in Cuba

Answer 13

Fidel Castro and Che Guevarra

Question 14

In DPRK, who controlled the economy with an iron hand and had statues of himself built to show his people who was in charge of the government and the economy.

Answer 14

Kim Il Sung

Question 15

Inefficient and unproductive workers results in shadow/ illegal markets.
Ceases to stay competitive in the world

Answer 15

Criticisms of command economy