Matching
Match each term in Column A with its definition in
Column B.
Column A
1. capitalism
2. free enterprise
3. profit motive
4. competition
5. private property
6. pure competition
7. monopolistic competition
8. public property
9. gross domestic
product (GDP)
10. invisible hand
COLUMN B
A- competition among many small producers who sell products that vary slightly
B-the total value of the goods and services pro duced by a country in one year
C-the lands, buildings, or goods owned by individuals or businesses
D-the lands, buildings, or goods controlled or op erated by federal, state, or local governments
E-the right of individuals to enter into legal businesses and operate them as they see fit
F-the effort to outperform other businesses
G-a system of private ownership of raw materi-
als, factories, and equipment
H-the desire to earn a surplus
I-when no single firm can influence prices
J-Adam Smith's view on how a nation's eco-
nomic resources can be efficiently allocated
Which of the following statements would be supported by both a communist and a utopian socialist? a) a government should restrict the number of imports and exports to protect its gold reserves b) governments have no right to restrict the actions of businesses or customers c) society will shift towards socialist ideals without the need for violent revolutions d) the gains of the industrial revolution should be shared by all members of society