Chapter 25 Sec 3and 4 Flashcards
1
Q
Stock
A
Right of ownership in a company called a corporation
2
Q
Corporation
A
Business owned by stockholders who share in its profits but are not responsible for its debts
3
Q
Laissez faire
A
Economic theory that argues that government should not interfere with business affairs
4
Q
Adam Smith
A
Philosopher who defended laissez faire economic
5
Q
Capitalism
A
Economic system in which people invest money to make a profit
6
Q
Utilitarianism
A
Belief that an idea is only as good as it should be
7
Q
Karl Marx
A
Economic thinker who wrote about radical form of socialism
8
Q
Communism
A
Form of socialism in which all production is owned by the people
9
Q
Union
A
Organized groups of workers that bargain with business owners to get better pay and working conditions
10
Q
Strike
A
Organized refusal to work
