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Chapter 7 Test


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
Created by: calbright