2. Hosted by Type your name here

3. 100 200 400 300 400 Choice1Choice 2Choice 3Choice 4 300 200 400 200 100 500 100

4. Row 1, Col 1 Most of the productive property and companies are owned by private individuals is characteristic of _______ Capitalism

5. 1,2 The amount of money earned after subtracting the costs associated with that earning is known as Profit

6. 1,3 Public ownership of productive property combined with large- scale centralized planning is a representative trait of which economic system? Communism

7. 1,4 Burying individual initiative under layers of bureaucracy is a criticism of what economic systems socialism

8. 2,1 A business organization that is owned by two or more individuals sharing the resources of those individuals is known as a _________ Corporation

9. 2,2 The ideas of socialism developed in large part as a reaction to poverty and hardships caused by the _______ _______ Industrial revolution

10. 2,3 What are the basic factors of production? 4 of them Labor, land, capital and the role of the entrepreneur

11. 2,4 Nationalizing industryis an aspect of what type of economic system Socialism

12. 3,1 Party control of all social, political, and economic institutions is a common characteristic of __________ anywhere in the world. (Type the question for 3,1 here.)?

13. 3,2 According to communist theory, the value of a commodity is determined by the Amount of labor put into it

14. 3,3 The founder that developed the basic concepts of communism is who? Karl Marx

15. 3,4 Complete the following Marx quote, “Workers of the World ________. unite

16. 4,1 Property rights in the U.S. are protected by what document? Constitution

17. 4,2 If a company has a monopoly over a product the laws of supply and demand do what? No longer apply

18. 4,3 Which type of business is most likely to be affected by competition from a monopoly? None, there is only one business for that product

19. 4,4 The weak (those without advantages and opportunities) are taken advantage of by the strong is a criticism of what type of economic system? capitalism

20. 5,1 In Marx’s theory of communism, the two opposing sides were the ________ and ________ Bourgeoisie and proletariat

21. 5,2 Socialism in the mid to late 1800s became split over The best means to achieve socialism

22. 5,3 Type the answer for 5,3 here. (Type the question for 5,3 here.)?

23. 5,4 Type the answer for 5,4 here. (Type the question for 5,4 here.)?