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QuestionAnswer
Which economic system is based on individual profit? Capitalism
Who owns the production in capitalism? Individual
Who was the father of capitalism? Where was he from? Adam Smith, Scotland
What was Smith’s book called? Wealth of Nations
What did Smith think was the role of the government in the economy? It had no role. It should stay out of the economy.
What is physiocracy? Wealth is based on how much land you have.
What did Smith say was the major source of wealth? Labor
Why did Smith say workers would work hard in factories? To raise production, which raises profits, which raises their wages.
What is “the invisible hand”? How does it work? The way the market balances itself out by shortages raising prices, which entices others to sell the product which brings prices back down and brings variety.
Why could competition in the market help people? It keeps prices down and a wide variety.
What does laissez-faire translate to? What does it mean? “let them do”. It means that the government should let the marked be free and not interfere.
What did Smith say about import taxes? They make prices go up.
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. – Smith, Wealth of Nations – What does that mean? People don’t sell you things because they like you, they do it for profit.
What are three criticism of capitalism? Workers can be treated unfairly., Some people become very poor, Some must lose for some to win.
In communism, what does “To each according to their needs” mean? Everyone will get what they need.
How does ownership work in communism? Everyone shares everything. No one person owns anything.
Who is the father of communism? Where was he from? Karl Marx, Germany
What did Marx think history was all about? Class struggles. The poor man being kept down by the rich man.
Name three countries that adopted Marx’s ideas. France, Russia, China
What did Marx say about religion? What did that mean? He said it was the “opiate of the people” which means that people focus on religion and the afterlife when they should be fighting for this life. He saw religion as something that the rich invented to keep the peasants down.
What is the proletariat? The working class
What is the bourgeoisie? The land and factory owners
What did Marx say would happen among the proletariat and the bourgeoisie? A war would happen with the proletariat winning. Then, everyone would be equal and there would be no government or social classes.
What are four criticism of Marx’s Ideas? In the 20th century, it is estimated that 50 million people were killed in the name of communism. Most of Marx’s predictions haven’t came true yet. It is inconsistent with human nature. It degrades religion.
What is the difference between socialism communism? In both, the government (people) control the resources. In socialism, the goods are distributed based on how hard you work. In communism, the goods are distributed equally to everyone. Socialism is a temporary stepping-stone to get to communism.
What did Marx say was the history of economic systems throughout history? primitive communism > capitalism > socialism > communism
What is primitive communism? Before people began farming, they hunted and gathered and shared what they had like a family. Marx says this was pure communism and we need to return to this.
What did Marx say would be the final economic system? Communism
Created by: rockcastle