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18 Cards in this Set
- Front
- Back
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Mexhanizarion |
Powering stuff by machine |
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Laissez faire |
-Hands off -With no government interference -First used by Adam Smith |
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Invisible hand |
A metaphor used by Adam Smith to describe unintended social benefits resulting from individual actions. The phrase is employed by Smith with respect to income distribution (1759) and production (1776). |
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Division of Labor |
-break down steps of labor -efficiency and great production |
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Public Good |
government provided, things provided by the government -Public schools -Utilities: Electric, water -Roads -Buses -Police -Fire Fighters -Military |
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Capital |
-Money and machines -Machines that make other machines -Equipment and money |
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Investment |
-Buy something in hope it increase in value and then sell it later or more a profit |
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Means of Production |
-Everything involved with the production process but not people. Only if slaves |
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Class struggle |
-A struggle between the exploiter and the exploited. |
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Bourgeoisie |
-Marx: specifically the factory owners. |
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Proletariat |
- The factory workers |
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Capitalism |
-Individuals own the means of production not the government |
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Radical Socialism |
-A system in which the government owns the mean of production. |
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Communism |
- No means of production. Everyone owns everything. No class struggle. No Bourgeoisie. |
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Market economy |
-Free markets. When people buy and sell stuff. They decide what they make and what to sell it for. They decide what they need. |
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Mixed Economy |
- When there is government interference with the economy. When there is a depression the government will try to regulate the economy. They could set interest rates to slow things down or speed things up. |
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Entrepreneurt |
-Someone or corporation who starts their own business and takes on the risk of doing so. |
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Animal Spirits |
-Confidence -If they are high people will buy and spend money -If not they will not spend money which causes everything to go to hell. |
