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11 Cards in this Set
- Front
- Back
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Laissez Faire |
Refers to economic policy of letting owners of industry and business set working conditions without interference |
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Adam Smith |
A professor at the University of Glasgow who defended the idea of free economy or free markets and wrote the book The Wealth of Nations |
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Capitalism |
An economic system in which money is invested in business ventures with the goal of making a profit |
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Utilitarianism |
The idea that people should judge their ideas institutions and actions based on the usefulness of that action |
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Socialism |
The factors of production by the public and operate for the welfare of all |
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Karl Marx |
A German journalist that introduced Marxism. He and another man made a manifesto called the communist manifesto |
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Communism |
Form of complete socialism in which the means of production of production-all land, mines, factories,railroads, and businesses-would be owned by the people. |
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Unions |
A political association made by workers to press for reforms |
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Collective bargaining |
Negotiations between workers and their employers |
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Strike |
Refusal to work for a cause |
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Corporations |
Business owned by stockholders who share in its profits but are not personally responsible for its debts |
