5 Written questions
5 Matching questions
- Karl Marx
- a Takes ideas from communism and market economy and combines them.
Socialism supports that central planning from the government is needed and in public ownership of business like in a communist society. Socialist governments are democratic like in a market economy.
- b A business owned by a group of investors.
-20% of today's businesses are corporations & they are the largest type of business
-Corporations are treated as a legal entitty and must get a charter from the state in order to be incorporated
- c A license to become a corporation
- d Father of Communism
Wanted a command economy that would favor workers, not rulers. All property would be jointly owned by all people. Everyone would be equal in power, wealth, and rights.
- e Shares of ownership in a corporation
5 Multiple choice questions
- People who buy stock
- A certificate that a stockholder gets that shows the number of shares in a company that person owns
- Money must be easy to carry around
- People used to trade objects or services directly for other objects and services
- Something of value that a borrower gives a lender as a guarantee that the loan will be repaid.
Example: House or car
5 True/False questions
Mutual Fund → The object used for money is valuable because the government says so
Money has 3 jobs:
3) Money stores value → People use money to measure the value of something
Market Economy → Also called capitalism
Result of many people's buying and selling decisions. This type of economy is not run by anyone, it runs itself.
People are free to buy and sell what they please
Adam Smith → Coins and paper money. It is also called currency. This is fiat money and is the most commonly used form of money
Money has 3 jobs:
2) Money is a medium of exchange → Money is an object people use to buy goods and services. Instead of trading goods and services directly for other goods and services, we trade goods and services for money