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25 Economics 1

EDS 160

QuestionAnswer
Who developed modern capitalism? Adam Smith
What motivates economic action in capitlaism? Self-interest
What regulates markets naturally in capitalism? Invisible hand
What does competition create in capitalism? Lower prices
What system resists government control and means "let them do"? Laissez-faire
What economic system values private ownership? Capitalism
Who suffers under capitalism? Workers
What system rejects private property? Communism
Who proposed class struggle theory? Karl Marx
What document outlined class conflict? Communist Manifesto
What did Marx call religion? Opiate
What class fights the bourgeoisie? Proletariat
What phase follows revolution? Socialism
What comes after socialism? Communism
What ideology allows moral shortcuts in communism? End-justifies-means
What weakened Marx’s predictions? Human nature
What phrase defines socialism’s reward system? To each deed
What phrase defines communism’s distribution system? To each need
Where was Adam Smith from? Scotland
Where was Karl Marx from? Germay
What term basically means "hands off". Adam Smith used it to say that the government should keep its hands off of the economy. Laissez-Faire
The anectdote about the butcher and the brewer show the importance of _____________ _____________ in capitalism. self interest
Created by: rockcastle
 

 



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