Unit 3: Origins of Liberalism
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| capital | money and equipment such as factories and machines used in the production of goods
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| capitalist | values related to the individualistic ideology of capitalism; a business person who owns capital and invests in business ventures; one who believes in the individualist values of capitalism
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| citizenship | the responsibilities, rights, and privileges of being a citizen
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| class system | the division of of a society into various classes of people, usually on the basis of social status and wealth
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| classical liberalism | ideology based on the belief that the rights and freedoms of the individual should be the foundation of society that originated during the 1800s in Europe with an emphasis on a free-market economy.
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| demand | the desire and ability to buy a certain good or service
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| democratic socialism | an ideology based on the belief that the collectivist values of socialism can be incorporated gradually and peacefully into society through democratic means
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| distribution of wealth | how the wealth from a society's economy is divided among individuals and groups
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| domestic system | a system of manufacture where things are made in workers' homes rather than in separate buildings or factories
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| economic system | an organized way of making decisions about the way limited resources are to be used in society. Limited resources are caused by scarcity. There are not enough resources to fulfill everyone's needs and wants.
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| economics | the study of the production, distribution, and consumption of goods and services
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| economy | the method that a society uses for the production, distribution, and consumption of goods and services
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| entrepreneur | a person who organizes, operates, and assumes the risk for a business venture; a businessperson
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| factory system | a system of manufacture where machines and workers are brought together in one building (a factory) for the purpose of manufacturing goods (products)
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| goods | also called products; items that have economic use or that satisfy economic needs or wants
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| Industrial Revolution | the rapid change from muscle power to machine power and the results on society of that change beginning about 1750 in England
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| industrialization | the situation in which a society introduces technology into the making of goods
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| labour | work done by humans used in the production of goods and services
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| labour union | an organization of workers formed for the purpose of improving the members' wages and working conditions
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| laissez-faire | a belief in the freedom of businesses to make economic decisions without interference from government regulations; also known as free-market or free-enterprise system.
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| land | natural resources used in the production of goods and services
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| market | a place where goods are bought and/or sold
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| means/factors of production | all the resources needed to produce goods and services, especially land, labour, and capital
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| modern liberalism | ideology that developed to address the concerns with the inequality and injustices resulting from classical liberalism
- keeps the values of individualism from classical liberalism, but it adds some of the values of collectivism for the common good.
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| monopoly | a company that has complete control over a particular business activity. No other company is involved, and therefore, there is no competition in that business activity.
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| needs | those things that are essential for a person to survive such as the basic needs of food, clothing, and shelter
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| political culture | society's values, beliefs, and customs dealing with decision-making
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| political institution | organized government agencies that fulfill goals of the political system
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| political system | an organized way to make, fulfill, and interpret laws and rules
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| reformist | a person who promotes change in society but who may stop short of changing society completely
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| scarcity | a situation in which one has not enough of something or it is not available
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| socialist | values related to the collectivist ideology of socialism; a person who believes in the collectivist values of socialism
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| supply | the quantity of a good or service that a producer is willing to provide at a particular price
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| utopian socialism | an ideology based on collective communities of workers with improved living and working conditions; land and capital would be owned collectively by the community
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| wants | those things desired by a person but that are not essential for survival such as TV, expensive clothes, or a swimming pool
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| welfare state | a system in which the government undertakes the chief responsibility of providing for the social and economic security of its population
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