Economic Systems

Question 0

Adam Smith

Answer 0

Wrote- The Wealth of Nations
Believed competition and peoples choive drives market down
Competition = better products with better prices
People can choose the best product

Question 1

Capitalism

Answer 1

economic system which the factors of production are privately owned. Money is used for profit.

Question 2

Invisible Hand

Answer 2

The compeition is guiding the people with out them noticing

Question 3

laissez-faire

Answer 3

gov’t should not interfere in buisiness

Question 4

Entrepreneur

Answer 4

someone who is willing to assume the responsibility, risk, And rewards or starting their own business

Question 5

capitalism (impact)

Answer 5

Low production cost- high profits
low wages
longer hours
few safety measures
women and child labor
living conditions for worse
middle class got better
angry and frustration in society

Question 6

socialism

Answer 6

Beloved that gov’t should plan the economy

factors of production are owned by the public and operate for welfare

Question 7

Karl Marx

Answer 7

Belelived in radical form of socialism: Marxism
Wrote Communist Manifesto and Das Capital
beloved society was divided- Bourgeoise (middle) and Proletariate (worker)

Question 8

Communism

Answer 8

Final stage of socialism
Production owned by the people
all goods shared equally
gov’t doesn’t exist