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Questions and Answers
What is the main characteristic of Capitalism?
What is the main characteristic of Capitalism?
- Private ownership of means of production (correct)
- Government control of means of production
- State-regulated market
- Equal distribution of goods and services
What did Marx believe would eventually destroy the capitalist system?
What did Marx believe would eventually destroy the capitalist system?
- Equal distribution of wealth
- Factories driving small artisans out of business (correct)
- Government intervention in the economy
- Decrease in labor force participation
What do capitalists argue about a capitalist society?
What do capitalists argue about a capitalist society?
- It leads to equal distribution of wealth
- It promotes government intervention in the economy
- It is fair because individuals gain rewards based on hard work (correct)
- It is based on equal sharing of resources
What do individuals pursue in a capitalist society?
What do individuals pursue in a capitalist society?
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What did Marx believe the society was made up of?
What did Marx believe the society was made up of?
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Study Notes
Main Characteristics of Capitalism
- Capitalism is characterized by private ownership of production and resources.
- It operates on the principles of free markets and competition.
Marx's Belief on Capitalism's Destruction
- Marx posited that inherent class struggles between the bourgeoisie (capitalists) and the proletariat (working class) would lead to capitalism's downfall.
- He believed that economic inequalities would intensify, resulting in a revolution that would establish a classless society.
Capitalist Arguments on Society
- Proponents assert that capitalism promotes innovation, efficiency, and consumer choice.
- They argue that a capitalist society leads to overall economic growth and improves standards of living.
Individual Pursuits in Capitalism
- Individuals pursue personal profit and wealth accumulation as primary motivations.
- Self-interest drives competition, encouraging entrepreneurship and economic expansion.
Marx's View on Society Composition
- Marx viewed society as divided chiefly into two classes: the bourgeoisie and the proletariat.
- He emphasized that the relationship between these classes is purely economic and exploitative, leading to societal tension.
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Description
Test your knowledge of capitalism with this quiz that covers its definition, features, and principles. Explore how the economic system functions and the concepts underpinning it.
