is an economic idea from the 1700s supported by Adam Smith. It means the government should not interfere in businesses or the economy. This idea is important because it supports capitalism and free markets.

The were English factory workers in the early 1800s. They destroyed machines because they feared the machine whould cause them to lose their jobs. They represent early worker resistance to industrial capitalism.

The government or community controls major industries to reduce inequality, but private ownership still exists. It focuses on public services and social welfare. Emphasizes private ownership

Emphasizes private ownership Individuals and companies own property and businesses privately. Markets and competition drive prices, production, and profits. It encourages innovation but can lead to wealth gaps.

A system where the community owns all property and businesses. The goal is to eliminate class differences and share resources equally. Everyone contributes based on ability and receives based on need. Seeks the elimination of all private property

occurs when businesses compete for customers. It is a key part of capitalism. its important because it leads to lower prices and better products.

is an economic principle that determines prices. Prices rise when demand is high and supply is low. This concept is important because it regulates the economy without government control

Is the belief that people succeed through hard work alone. It became popular in the United States in the late 1800s. This idea supports capitalism and limited government involvement

was a German philosopher who lived from 1818 to 1883. He criticized capitalism and believed it exploited workers. ____ is important because he created the ideas behind communism.

The Communist Manifesto

was written by Karl Marx. It called on workers to overthrow capitalism. The document is important because it laid the foundation for communism.

The wealth of the nations

A book written by Adam Smith that explains how economies work. It argues that free markets, competition, and supply and demand lead to economic growth, rather than heavy government control.important foundation of capitalism

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Question	Answer
Laissez-faire	is an economic idea from the 1700s supported by Adam Smith. It means the government should not interfere in businesses or the economy. This idea is important because it supports capitalism and free markets.
Luddites	The were English factory workers in the early 1800s. They destroyed machines because they feared the machine whould cause them to lose their jobs. They represent early worker resistance to industrial capitalism.
Socialism	The government or community controls major industries to reduce inequality, but private ownership still exists. It focuses on public services and social welfare. Emphasizes private ownership
Capitalism	Emphasizes private ownership Individuals and companies own property and businesses privately. Markets and competition drive prices, production, and profits. It encourages innovation but can lead to wealth gaps.
Communism	A system where the community owns all property and businesses. The goal is to eliminate class differences and share resources equally. Everyone contributes based on ability and receives based on need. Seeks the elimination of all private property
Competition	occurs when businesses compete for customers. It is a key part of capitalism. its important because it leads to lower prices and better products.
Supply and Demand	is an economic principle that determines prices. Prices rise when demand is high and supply is low. This concept is important because it regulates the economy without government control
Bootstrapping	Is the belief that people succeed through hard work alone. It became popular in the United States in the late 1800s. This idea supports capitalism and limited government involvement
Karl Marx	was a German philosopher who lived from 1818 to 1883. He criticized capitalism and believed it exploited workers. ____ is important because he created the ideas behind communism.
The Communist Manifesto	was written by Karl Marx. It called on workers to overthrow capitalism. The document is important because it laid the foundation for communism.
The wealth of the nations	A book written by Adam Smith that explains how economies work. It argues that free markets, competition, and supply and demand lead to economic growth, rather than heavy government control.important foundation of capitalism

Created by: Fernando.Quezada

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