Soc Ch 14 Exam Questions with
Correct Answers
1. What company makes 1 in 6 shoes? correct answer: Pou chen
2. work correct answer: carrying out tasks that require the expenditure of mental and physical ettort,
which has as its objective the production of goods and services that cater to human needs
3. occupation correct answer: any form of paid employment in which an individual regularly
works
4. economy correct answer: consist of institutions that provide for the production and distribution of
goods and services
5. capitalism correct answer: an economic system based on the private ownership of wealth which
is invested and reinvested in order to produce profit
-Private ownership of the means of production
-Profit as incentive
-Free competition for market to sell goods
-Acquire cheap materials
-Use cheap labor
-Restless expansion and investment to accumulate capital
6. technology correct answer: harnesses science to machinery, electronics, and even biology in
order to produce an ever-in- creasing variety of goods more cheaply
7. division of labor correct answer: how the tasks in society are divided up
8. Economic interdependence correct answer: the fact that in the division of labor,
individuals depend on others to produce many or most of the goods they need to sustain their
lives
9. Stages of developing buisness corporations correct answer: 1.) family
capitalism
2.) Managerial capitalism
3.) welfare capitalism
4.) institutional capitalism
5.) global capitalism
10. family capitalism correct answer: capitalistic enterprise owner ad administered by
entrepreneurial family
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9
,Soc Ch 14 Exam Questions with
Correct Answers
11. entrepreneurs correct answer: the owner/founder of a business firm
12. managerial capitalism correct answer: capitalistic enterprise administered by
managerial executives rather than by owners
-replace the family with the company itself
13. welfare capitalism correct answer: the practice by which large corporations protect
their employees from the vicissitudes of the market
14. institutional capitalism correct answer: capitalistic enterprise organized on the basis of
institutional shareholding
-Corporations holding shares in other firms
2/
9
Correct Answers
1. What company makes 1 in 6 shoes? correct answer: Pou chen
2. work correct answer: carrying out tasks that require the expenditure of mental and physical ettort,
which has as its objective the production of goods and services that cater to human needs
3. occupation correct answer: any form of paid employment in which an individual regularly
works
4. economy correct answer: consist of institutions that provide for the production and distribution of
goods and services
5. capitalism correct answer: an economic system based on the private ownership of wealth which
is invested and reinvested in order to produce profit
-Private ownership of the means of production
-Profit as incentive
-Free competition for market to sell goods
-Acquire cheap materials
-Use cheap labor
-Restless expansion and investment to accumulate capital
6. technology correct answer: harnesses science to machinery, electronics, and even biology in
order to produce an ever-in- creasing variety of goods more cheaply
7. division of labor correct answer: how the tasks in society are divided up
8. Economic interdependence correct answer: the fact that in the division of labor,
individuals depend on others to produce many or most of the goods they need to sustain their
lives
9. Stages of developing buisness corporations correct answer: 1.) family
capitalism
2.) Managerial capitalism
3.) welfare capitalism
4.) institutional capitalism
5.) global capitalism
10. family capitalism correct answer: capitalistic enterprise owner ad administered by
entrepreneurial family
1/
9
,Soc Ch 14 Exam Questions with
Correct Answers
11. entrepreneurs correct answer: the owner/founder of a business firm
12. managerial capitalism correct answer: capitalistic enterprise administered by
managerial executives rather than by owners
-replace the family with the company itself
13. welfare capitalism correct answer: the practice by which large corporations protect
their employees from the vicissitudes of the market
14. institutional capitalism correct answer: capitalistic enterprise organized on the basis of
institutional shareholding
-Corporations holding shares in other firms
2/
9
