lesson 4 Flashcards
Describe the policy of laissez-faire
“hands off” economy, policy says owners of Industry/businesses should set working conditions without government interference.
What was the name of Adam Smiths book that advocated for capitalism? what were Smith’s three natural laws of economics?
A. The wealth of nations
B. law of self interest,
law of competition, and law of supply and demand.
What is capitalism? in a capitalist society, what is the primary motivation in a starting business?
A. factors of production are privately owned and money is invested in business ventures to make a profit.
(economic liberty equals economic progress)
B. Profits
Define Utilitarianism, Define Utopianism, What did the believers in each want in their society?
A. Proposed by English philosopher, Jeremy Bentham in the late 1700s.
B. Societies started to emerge – society designed to be perfect living.
C. Faith
What is socialism
The Factor of production are owned by the public and operate for the welfare of the people.
Who wrote the Communist Manifesto? what did they say about class struggles in the future?
A. Karl Marx
B. he predicted that the (proletariat) once they realized they were more valuable, they eventually would overthrow the (bourgeois)
What is communism?
All means of production – land, mines, factories, railroads, and businesses are owned by the people.
What are labor unions and why were they formed? What is a strike and why would workers participate in one?
A. A group of workers who volunteered together to bargain for better working conditions and higher pay.
B. A refusal to work, skilled workers lead the way in forming unions, their skills gave them extra bargaining power.
Who was Horace Mann? what was the responsible for in the United States?
A. Prominent U.S. reformer
B. helped establish the public education system in the US
