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Mod. 15-4 Vocab
Module 15-4: Economic Systems, Labor Reform; Campanaro VOCABULARY
Term | Definition |
---|---|
capitalism | an economic system based on private ownership and on the investment of money in business ventures to make a profit |
collective barganing | negotiations between workers and their employers |
communism | all means of productions (land, mines, factories, railroads, businesses, etc.) are owned by the people; private property does not exist; goods & services shared equally |
laissez-faire | gov't shouldn't interfere with or regulate industries and businesses |
socialism | factors of production are owned by the public & operate for welffare of all |
strike | to refuse to go to work in order to force an employer to meet certain demands |
union | an association of workers formed to bargain for better working conditions & higher wagers |
utilitarianism | the theory (proposed by Jeremy Bentham in the late 1700s) that gov't actions are only useful if they promote *the greatest good for the greatest amount of people* |