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Vocabulary Review: Capitalism (Economic System with Free Market Trade)
English (Vocabulary, Social Studies)
High School (9-12)
Question Content
an economic system that is based on the free market trade of goods and services, wealth, and property
Correct Answer
Capitalism
Detailed Solution Steps
1
1. Analyze the key elements: economic system, free market trade, private ownership of goods/services/wealth/property.
2
2. Recall economic system terms (e.g., capitalism, socialism, communism).
3
3. Confirm 'Capitalism' matches (free market, private ownership, profit motive).
Knowledge Points Involved
1
Capitalism
An economic system with private ownership of production, free market trade, and profit-driven competition. It emphasizes individual economic freedom and minimal government intervention.
2
Economic Systems
Structures governing production, distribution, and consumption (e.g., capitalism, socialism, communism) based on ownership and market dynamics.
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