Capitalism -free enterprise socialism government controlled economy to create social equality
Adam Smith
Free Market economy; Economis System: Capitalism
By supply and demand
The government/central planners
Market and Command
Social equality provided by government intervention
The firm is charging too much for their product
They are based on supply and demand
The demand will increase
lack of entrepreneurship and brain drain and high taxes
Equilibrium point or market price
The company that own the product sets the price
Free Enterprise/Freedom to establish businesses and make profit
Greed and selfish pursuit of profit
Market with a few, large firms
a command based
As the price goes up, the quantity of supply goes up OR As the price goes down, the quantity of supply goes down
People's desire for self-gain will benfit the entire society/No government intervention
The Market (sellers and buyers)
As the price goes up, the quantity of demand goes down OR As the price goes down, the quantity of demand goes up
Vertical Merger
Profit
Mostly free government services for the citizens and perception of social equality
Who is the founder of Capitalism?
Socialism is an the example of -------economic system.
Capitalism is based on.....?
What is the Law of Supply?
What does the invisible hand mean?
What is the basic advantage of socialism?
At what point do Supply and Demand intersect?
What are businesses motivated by in capitalistic systems?
What is the difference between capitalism and socialism?
If a grocery buys a dairy farm, what type of merger is that?
What is the main disadvantage of capitalism?
Who makes all of the decisions in a command economy?
How are prices determined in a market economy?
Who determines what and how much to be produced in free market economies?
If a new diet supplement comes out, and proves to be highly effective, what will most likely happen?
How are prices set in a perfectly competitive market?
What type of economy does the U.S. have?
What is the Law of Demand?
What is an oligopoly?
Why do surpluses occur?
What 2 types of economies are combined in a mixed economy?
What is the major concern of socialist systems?
How are prices set in a monopoly?
What are the major disadvantages of socialism?
Do you think that monopolies are a good idea? Why or why not?