Capitalism/ Adam Smith

Question 1

Pros of Current capitalism

Answer 1

• “full employment”
• consumers confidence is high (people buying things)
• Low interest rates
• stock market booming
• simplified tax plan
• less regulations
• businesses doing great

Question 2

Cons of Current capitalism

Answer 2

• baby boomers don’t have pensions
• increase in student loans and medicine for elders
• businesses can move overseas for chapter labor
• replacement of labor with technology
• possible inflation

Question 3

Trump is a …

Answer 3

economic nationalist

Question 4

Bill Kristol is a …

Answer 4

liberal economist

Question 5

Bernie Sanders is a …

Answer 5

democratic socialist

Question 6

Adam smith

Answer 6

• (economic liberalism) father of modern ECONOMICS and theorist of capitalism
• government must be limited
• market economy open and free

Question 7

what was Adam Smiths thesis

Answer 7

the presence of many buyers and many sellers competing with one another in the market place would cause wasteful resource allocations to be weeded out “as if by an invisible hand”

Question 8

capitalism

Answer 8

• economic system where most of the means of production are privately owned and production is guided through the operation of markets
• should exist around ‘perfect competition