Practice Definition (2.3.1) - Types of Economies

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6 sample questions

Question 1.
What is a capitalist economy?
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Think about who owns the resources.
Question 2.
Name one feature of a capitalist economy.
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Consider how businesses operate.
3Question 3.
What defines a capitalist economy?
- A system of public ownership
- A system of private ownership
- A system with no markets
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Focus on who owns the businesses and resources.
4Question 4.
In a capitalist economy, prices are determined by?
- Government control
- Market forces
- Universal price law
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Think about how demand impacts costs.
Question 5.
Analyze how capitalism might impact income inequality in a society.
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Consider how competition affects wealth distribution.
Question 6.
Debate the advantages of innovation in capitalist economies versus regulation in socialist economies.
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What drives businesses to innovate in a capitalist society?

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