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8 Cards in this Set
- Front
- Back
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Laissez Faire
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policy allowing business to operate with little or no government interference
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Utilitarianism
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the idea that the goal of society should be "the greatest happiness for the greatest number" of its citizens
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Urbaniztion
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movement of peoples to cities
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Socialism
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An economic and political system based on government ownership of business and property and an equal distribution of wealth.
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Free Market
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Market in which goods are bought and sold without restrictions
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Capitalism
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An economic system in which private individuals and corporations control production and earn profit $.
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Adam Smith
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British economist who wrote the book "the wealth of nations". He supported a free market economy, Laissez Faire, and law of supply and demand.
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Communism
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a form of socialism that ses class and employees as inevitable.
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