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11 Cards in this Set

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