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Ch 9 Section 4

Laissez Faire

TermDefinition
Laissez Faire Economic theory that argues that governments should not interfere with business affairs
Adam Smith Philosopher who defended Laissez Faire economics
Capitalism Economic system in which people invest money to make a profit
Utilitarianism Belief that an idea is only as good as it is useful
Socialism Belief that businesses should be owned by society as a whole
Karl Max Economic thinker who wrote about a radical form of socialism
Communism Form of socialism in which all production is owned by the people
Union Organized group of workers that bargain with business owners to get better pay and working conditions
Strike Organized refusal to work
Created by: MattWiflese
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