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Chapter 7 Test
History
Question | Answer |
---|---|
the way government handles its money and goods | economy |
worth in money | value |
wealth that is owned and used by one person or a group of people | capital |
an amount of money that is more that the original cost of something | profit |
food, water, shelter | needs |
Master / Slave relationship | socialism |
Government owns business | socialism |
Allows for competition | Capitalism |
Individuals own business | Capitalism |
Freedom of choice | Capitalism |
People are assigned occupations | Socialism |
If a salesman charges too much or too little for his goods, he will not make any money | True |
In the US, the government owns all the businesses and goods | false |
competition is harmful to business | false |
money if the root of all evil | false |
laws which affect the price of goods are the Laws of Supplies and Demand | True |
If there is a large supple of an item, the price will usually be lower | true |