The modern U.S. economy is based on
Capitalism is an
List six key characteristics of capitalism.
List three advantages of capitalism.
List three disadvantages of capitalism.
The U.S. economy is based on a system called
Capitalism is a system where the government owns and controls all of the businesses in the country.
In capitalism, the ultimate goal of business owners is to
Check off all of the following that are characteristics of capitalist economies.
Categorize the following based on whether they are commonly considered ADVANTAGES of capitalism or DISADVANTAGES of capitalism.
Requires increasing levels of consumption and risk-taking
Inequality between different social classes
Goods and services can be produces at a lower cost
Goods and services can be produced more efficiently
Rewards for hard work and innovation
External costs like pollution, waste, and species extinction are often ignored
Standard of living often increases
Goods and services are more widely available
ADVANTAGES
DISADVANTAGES
Which of the following is the best explanation of the term "external costs"?
It usually cheaper and more efficient to produce goods in capitalist societies than it is in other types of economies.
The government sets the prices of goods in capitalist economies.
The standard of living has most often increased for people who live in capitalist economies.
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.