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8 Cards in this Set

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