1. What does the profit motive in capitalism refer to?
2. What is the invisible hand idea associated with Adam Smith?
3. What happens to the market price when demand is high and supply is low?
Capitalism — key features?
Market, profit, self-interest drive economy.
Supply and demand — price change?
High demand + low supply raises price.
Private property - capitalism
Ownership of businesses and property by individuals.
Profit motive - capitalism
Driving force to earn money or benefit oneself.
Supply and demand - capitalism
Prices set by market forces of supply and demand.
Collective ownership - socialism
Society or government owns major resources.
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