Comparative Economic Systems (focus: Capitalism)

This form of economic arrangement existed in America during our colonial period (when Britain had charge/control over the 13 colonies).

• socialism

• mercantilism

• capitalism

• laissez-faire

A populist economic and political system based on collective, common, or public (i.e., government) ownership of [most] of the means of production.

• capitalism

• communism

• socialism

A political and economic ideology that advocates for a classless system in which the means of production are owned communally, and private property is nonexistent (or severely curtailed).

• capitalism

• socialism

• communism

An economic system characterized by private ownership in which the free market alone controls the production of goods and services.

• socialism

• communism

• capitalism

Adam Smith's The Wealth of Nations advocates ... which of the following?

• it's not the accumulation of gold and silver that makes as nation wealthy but it is rather the economic prosperity of its people

• it's the accumulation of gold and silver that makes a nation wealthy, as it gives a government the ability to create new jobs

• it's the purpose of government to use the wealth gained through trade with other countries that allows everyone to prosper economically

• it's the purpose of government to control various aspects of the economy (i.e., the means of production), as doing so benefits most people

Adam Smith's The Wealth of Nations focused on the economic power of the _____________ over that of the ___________.

• individual / government

• government / individual

Adam Smith's The Wealth of Nations advocated a "hands-off" approach by the government (re: the economy) - known as ________________.

• bonne-apres

• laissez-faire

• je-suis

• s'il vous plait

In Adam Smith's The Wealth of Nations, he's essentially telling European monarchs to leave their subjects alone, and allow them to seek their own profit.

• True

• False

The economic philosophy advocated by Adam Smith in his book, The Wealth of Nations.

• limited government

• unlimited government

Each of the following is a factor of production in a capitalist economic system EXCEPT?

• business

• land

• labor

• capital