Private Ownership of the Means of Production-Capitalist Economies Are Based

Short Answer

Private ownership of the means of production-capitalist economies are based on the right of individuals to______________own income-producing property,such as land,water,mines,and factories.In the early stages of industrial capitalism (1850-1890),virtually all the capital for investment in the U.S.was individually owned.As workers______________ grew tired of toiling for the benefit of capitalists instead of for themselves,some of them banded together to____________________________ form a labor union-a group of employees who join together to bargain with an employer or a group of____________________________employers over wages,benefits,and working conditions.Under early monopoly capitalism (1890-1940),most ownership rapidly shifted from individuals to huge corporations-large­scale organizations that have legal______________ powers,such as the ability to enter into contracts and buy and sell property,separate from their individual______________ owners.Major industries,including oil,sugar,and grain,came under the control of a few corporations owned by shareholders.In advanced monopoly capitalism (1940-present),ownership and control of major industrial and business sectors have become increasingly concentrated.Economic concentration-is the degree to which a relatively small number of corporations control a disproportionately large share of a nation's economic____________________________resources.Today,many corporations are global in scope;transnational corporations are large corporations__________________________________________that are headquartered in one country but sell and produce goods and services in many countries.