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Mrs. T

economics stack 2

QuestionAnswer
Capitalist Economy economic system based on private ownership of property & pursuit of profit
Why Capitalism? competition, private ownership & pursuit for profit motivates businesses to provide quality goods & services at affordable prices.
Monopolies company becomes a giant & controls the industry.
Oligopolies combined companies work together to control the market. Leads to price-fixing
Positive aspect of capitalism The government’s role is to maintain a healthy competitive market by setting norms that apply for ALL businesses (minimum wages, working conditions, etc)
Socialist Economy economic system founded on the belief that the means of production should be controlled by the people as a whole.
Why Socialism in theory, workers should profit because both the state and the workplace exist for their benefit.
The truth about socialism extreme inequalities between owners/government & workers.
Primary Sector part of the economy producing goods from the natural environment
Secondary sector part of the economy engaged in manufacturing goods
Tertiary sector part of the economy that provides services.
Created by: MrsTakahashi
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