Which is an undisputed feature about Capitalism?   The “means of production” [i.e. factories & important businesses] are privately owned   The “means of production” [i.e. factories & important businesses] are publically owned   It is a system that exploits the worker and ‘makes the poor poorer’   It is a system for which only the wealthy benefit

Which of the following items is a good synonym for “crony capitalism”? a. Prejudice b. Bribery c. Corruption d. Discrimination

Invention, innovation, and diffusion occur in response to incentives within the economy, meaning that technological advance is to capitalism.

I do not fully agree that companies exist entirely in their own right or are unequivocally the most important organizations in the world. While companies are legally distinct entities that can own assets, make decisions and be held accountable, they are still comprised of and directed by individuals. At their core, companies only exist as a means to coordinate economic activity among people.  There are reasonable arguments that companies play a hugely influential economic and social role globally. However, I would hesitate to say they are unambiguously more important than organizations like governments, non-profits or international institutions that are focused on issues like human rights, health, education and environmental protection. Companies operate to generate profit and shareholder value, which does not always align with the broader interests of society. Therefore, other organizations are still needed to regulate markets and address challenges that private industry may not…

14.

Check the countries whose economies are best described as "mixed," combining aspects of both capitalism and socialism. Check all that apply. Netherlands Norway Austria Switzerland New Zealand Which of the following are defining characteristics of a socialist economy? Check all that apply. Private ownership of resources Public ownership of resources An authoritarian government Decentralized decision making through markets i Centralized decision making