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10 Cards in this Set
- Front
- Back
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Laissez-faire |
An economic policy of letting owners of industry and business set working conditions without interference |
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Adam Smith |
Wrote in 1966 "The Wealth of Nations" claimed government didn't need to interfere with the economy |
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Capitalism |
The economic system where money is invested into new business ventures with a purpose of making profit |
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Utilitarianism |
A philosophy that people should judge actions based on how useful it is. |
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Socialism |
The factors of production are owned by the public and operate for the welfare of all |
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Karl Marx |
German journalist, created Marxism believed the industrial revolution to be a terrible concept. |
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Communism |
A form of complete socialism where all is owned by the people and private property would cease to exist |
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Unions |
Groups of workers who band together and press for political change and changes to their working conditions |
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Collective barging |
Negotiations between workers and their employers for better working conditions |
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Strike |
A refusal to work until conditions were met |
