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Global: Economy Test

QuestionAnswer
Capitalism An economic system where private individuals/ businesses own private property to make a profit (this is competition driven)
Adam Smith Founder of Capitalism, created “Wealth of Nations” which introduced & promoted ideas such as the invisible hand.
Entrepreneurship Individual/personal desire to own & start your own business
“Bootstrapism” An assumption that hard work will always lead to financial profit. (Not always because many people work hard & are underpaid for their labor)
Socialism Economic system where the government controls the means of production for the benefit of everybody (goal is to distribute wealth & resources equally)
Communism An economic system that aims for the idea of a classless society so they can distribute resources equally.
Karl Marx Founder of Communism, wrote “The Communist Manifesto” with Fredrick Engels.
Egalitarianism Complete equality regardless of social class, race, gender, sex differences among humans
Economics The study of money, exchanges/trade, production of commodities (items or anything you can buy)
 

 



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