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16.Whe defined Capitalism and what are the main characteristics of Capitalism? Explain each a. Invisible hand - b. Competition- c. Division of Labor- d. Expansion-

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16.Whe defined Capitalism and what are the main characteristics of Capitalism? Explain each a. Invisible hand - b. Competition- c. Division of Labor- d. Expansion- e. Laissez faire -- 17. Be able to explain the benefits of a Free Enterprise Economy (Capitalism)? Voluntary exchange b. Private property rights- c. Profit incentive- 18. Be able to explain some of the disadvantages of a capitalistic economy? a. Uneven growth (gap between rich and the poor)- "supply-side" tendencies

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