25.4 Flashcards

1
Q

Laissez Faire

A

Economic theory that argues that government should not interfere with business affairs

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2
Q

Adam Smith

A

Philosopher who defended laissez faire economics

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3
Q

Capitalism

A

Economic system in which people invest money to make a profit

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4
Q

Utilitarianism

A

Belief that an idea is only good as it is useful

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5
Q

Socialism

A

Belief that businesses should be owned by society as a whole

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6
Q

Karl Marx

A

Economic thinker who wrote about a radical form of socialism

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7
Q

Communism

A

Form of socialism in which all production is owned by the people

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8
Q

Union

A

Organized groups of workers that bargain with business owners to get better pay and working conditions

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9
Q

Strike

A

Organized refusal to work

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