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☀️ A1 - CAPITALISM: GUIDED NOTES (MUST-DO)

Last updated over 3 years ago
15 questions
CAPITALISM - GUIDED NOTES
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1
The modern U.S. economy is based on _______.
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Capitalism is an _______system based on the _______and _______of businesses where the _______of business owners is to _______.
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List six key characteristics of capitalism.

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List three advantages of capitalism.

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List three disadvantages of capitalism.

CAPITALISM - PRACTICE
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The U.S. economy is based on a system called _______.
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Capitalism is a system where the government owns and controls all of the businesses in the country.

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In capitalism, the ultimate goal of business owners is to _______.
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Check off all of the following that are characteristics of capitalist economies.

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Categorize the following based on whether they are commonly considered ADVANTAGES of capitalism or DISADVANTAGES of capitalism.

  • Standard of living often increases
  • Goods and services are more widely available
  • Requires increasing levels of consumption and risk-taking
  • External costs like pollution, waste, and species extinction are often ignored
  • Inequality between different social classes
  • Goods and services can be produced more efficiently
  • Goods and services can be produces at a lower cost
  • Rewards for hard work and innovation
  • ADVANTAGES
  • DISADVANTAGES
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Which of the following is the best explanation of the term "external costs"?

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It usually cheaper and more efficient to produce goods in capitalist societies than it is in other types of economies.

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The government sets the prices of goods in capitalist economies.

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The standard of living has most often increased for people who live in capitalist economies.

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One major problem with capitalism is that businesses are not allowed to compete with each other in terms of prices and quality of goods and services.