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6 Cards in this Set

  • Front
  • Back
What is Capitalism?
An economic system where most businesses are run by individuals and private corporizations. (America, Japan)
What are the factors of production?
Land, Labor, and Capital
What is a trust?
Where several corporations combine to eliminate competition and regulate prices (type of monopoly)
What is the Laissez-Faire Theory?
Gov't only allowed in 1. foreign relations or nat'l defense; 2. police paid to protect health, safety and morales of people; 3. left overs that private comps can't do
What is Socialsim?
An economic and political philosophy believing that wealth should be evenly distributed. (france)
Who was Karl Marx?
The father of modern day socialism, co-wrote "The Communist Manifesto," anti-capitalist