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11 Cards in this Set
- Front
- Back
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Capitalism
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Economic system characterized by open competition in a free market and based on private ownership.
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Capital
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Money or property invested in businesses by one or more individuals.
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Entrepreneur
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A person who organizes and develops new ideas for a business.
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Laissez-faire
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An economic theory that opposes governmental interference in big business; literally leave it alone.
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Communism
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A system of government in which the state controls the means of production.
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Marxism
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The political and economic ideas, developed by Karl Marx, the emphasize class struggle.
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Bourgeoisie
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In Marxism, the social class that profits from the work of the proletariat.
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Proletariat
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in Marxism, the social class that is taken advantage by the bourgeoisie.
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Socialism
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The economic system that advocates government ownership of the means of production.
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Market Economy
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An economic system in which the government plays a little role.
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Command economy
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An economic system in which the government has great control over the economy.
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