Chapter 25 Section 4 Flashcards
1
Q
Laissez Faire
A
Economic theory that argues that governments should not interfere with business affairs
2
Q
Adam Smith
A
Philosopher who defended laissez faire economics
3
Q
Capitalism
A
Economic system in which people invest money to make a profit
4
Q
Utilitarianism
A
Belief that an idea is only as good as it is useful
5
Q
Socialism
A
Belief that businesses should be owned by society as a whole
6
Q
Karl Marx
A
Economic thinker who wrote about a radical form of socialism
7
Q
Communism
A
Firm of socialism in which all production is owned by the people
8
Q
Union
A
Organized groups of workers that bargain with business owners to get better pay and working conditions
9
Q
Strike
A
Organized refusal to work
