The Rise of Big Business Review

The idea that government should not interfere

• Laissez-faire
• Regulation
• Interventionism
• Socialism

Economic system in which private businesses run most industries

• Capitalism
• Feudalism
• Socialism
• Communism

How are prices and wages are determined in a Capitalist system?

• Prices are set by government regulations; wages are fixed by employers.
• Prices are determined solely by production costs; wages are based on employee tenure.
• Prices fluctuate randomly; wages are determined by employee satisfaction.
• Prices are determined by supply and demand; wages are determined by the labor market. It comes down to competition.

What are the four factors of production?

• Land, Labor, Capital, Entrepreneurship
• Workforce, Infrastructure, Investment, Innovation
• Resources, Skills, Technology, Management
• Goods, Services, Money, Trade

What is the paradox of technological advancement?

• Technological advancement always leads to positive outcomes.
• Technological advancement is solely about increasing efficiency.
• New inventions make life easier, but also can cause new problems

• Technological advancement has no impact on society.