Civics Chapter 17 and 18

An economic system based on private ownership of the means of production is called capitalism

• True
• False

Any natural materials that are used by humans, such as water, petroleum, minerals, forests, and animals are natural resources.

• True
• False

An economic system in which buyers and sellers are free to exchange goods and services as they choose is called Market Economy

• True
• False

Human effort used to make goods and services is Labor.

• True
• False

A business organization in which two or more persons share responsibilities, costs, profits, and losses is called a partnership.

• True
• False

Business organizations that provide goods and services without seeking to earn a profit are natural resources.

• True
• False

A business owner is a corporation.

• True
• False

The income a business has left after paying its expenses

• profit
• labor
• capital
• revenue

A business organization chartered by a state government and given power to conduct businness, sell stock, and receive protection of state laws

• partnership
• entrepreneur
• corporation
• monopoly

Profits paid to corporate stockholders

• capital
• stockholders
• dividends
• stock