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6 Cards in this Set
- Front
- Back
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What is Capitalism?
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An economic system where most businesses are run by individuals and private corporizations. (America, Japan)
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What are the factors of production?
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Land, Labor, and Capital
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What is a trust?
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Where several corporations combine to eliminate competition and regulate prices (type of monopoly)
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What is the Laissez-Faire Theory?
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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
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What is Socialsim?
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An economic and political philosophy believing that wealth should be evenly distributed. (france)
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Who was Karl Marx?
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The father of modern day socialism, co-wrote "The Communist Manifesto," anti-capitalist
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