Economic Concepts Quiz
10 Questions
3 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the definition of Capitalism?

  • An economic system based on public ownership of resources and equal distribution of wealth
  • An economic system based on communal ownership of resources and collective profit sharing
  • An economic system based on government ownership of resources and state-controlled profit
  • An economic system based on private ownership of resources and the right to personally profit (correct)

    • What is the definition of Proletariat?

  • A class of people who are employed by others and work for a wage (correct)
  • A class of people who engage in entrepreneurial activities
  • A class of people who are not involved in economic activities
  • A class of people who own and control the means of production

    • What are Means of Production?

  • The financial resources used for investment
  • The profits generated from economic activities
  • Resources that can be used to create wealth (correct)
  • The distribution channels for finished goods

    • What is Alienation in the context of labor?

    <p>The feeling of dissatisfaction and disconnection from the fruits of one's labor</p> Signup and view all the answers

    What is Social Mobility?

    <p>Opportunity to move up or down in the economic hierarchy</p> Signup and view all the answers

    Which class of people employ the workers in a capitalist society?

    <p>Bourgeoisie</p> Signup and view all the answers

    What are the resources used to create wealth in a capitalist economic system?

    <p>Means of Production</p> Signup and view all the answers

    What is the feeling of dissatisfaction and disconnection from the fruits of one's labor known as?

    <p>Alienation</p> Signup and view all the answers

    What is the opportunity to move up or down in the economic hierarchy called?

    <p>Social Mobility</p> Signup and view all the answers

    What is the class of people who are employed by others and work for a wage known as?

    <p>Proletariat</p> Signup and view all the answers

    Study Notes

    Capitalism and Labor

    • Capitalism is an economic system where private individuals and businesses own and operate the means of production, creating goods and services for profit.
    • In a capitalist society, the proletariat, or working class, are the people who do not own the means of production and must sell their labor to survive.
    • Means of production refer to the resources, such as factories, land, and tools, used to create goods and services.
    • Alienation in the context of labor is the feeling of dissatisfaction and disconnection from the fruits of one's labor, where workers are not able to fully control or benefit from the products of their work.

    Social Mobility and Economic Hierarchy

    • Social mobility is the opportunity to move up or down in the economic hierarchy, where individuals can improve or worsen their economic status through their own efforts or circumstances.
    • In a capitalist society, the bourgeoisie, or capitalist class, are the people who employ the workers and own the means of production.
    • The resources used to create wealth in a capitalist economic system are the means of production, which are owned and controlled by the capitalist class.
    • The proletariat, or working class, are the people who are employed by others and work for a wage, often lacking control over their labor and the products they create.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your knowledge of economic terms and concepts with this quiz. From capital and social mobility to wages and capitalism, see how well you understand these essential aspects of the economic system.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser