CAPITALISM - stand apart from the market G In today’s...

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Upper-Intermediate Level Unit 2 History CAPITALISM Answer the following questions using your notes. A. Free market economy and free enterprise differ from the other economic arrangements because all others are (1) _________________ and (2) ____________________ political systems. B. As private property is the means of production, it’s the (3) ___________ right to make what he wants and the (4) ______________________ right to choose what to buy. C. Societies producing a great deal of wealth can provide higher (5) ______________ D. According to Adam Smith, people can improve the quality of their lives by (6) ____________________ or at (7) __________________________ . E. Innovation is the foundation of continued wealth creation because it provides dynamism for (8) ____________________________ . F. Capitalism is society as a market; however, some institutions such as (9) ________ and (10)
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Unformatted text preview: _______________ stand apart from the market. G. In today’s society, the division of labor is extarordinary in terms of providing great diversity of (11) __________________ and (12) ________________ . H. How is “a perfectly free market” defined in the lecture? *(13) ______________________________________________ *Resources are allocated to those who can make best use of them *(14) ______________________________________________ I. With the help of profit, what things a business is able to do? (Write 2) *(15) _____________________________________________ *(16) _____________________________________________ J. Write two examples of “The Establishment and Recognition of Property Rights.” * (17) _______________________________ * (18) _______________________________ Sabancı University FDY SL Online Learning Support Project Teachers’ Pool 1...
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