Socialism
Socialism distributes goods to each individual's needs.
True
In a capitalist society, what are prices based on?
supply and demand
What class does not benefit from communism?
The wealthy.
What is supposed to happen to taxes?
They go down
"Father of Capitalism"
Adam Smith
Socialism is the equal distribution of
Wealth
What is a market?
Place where people buy and sell goods
What rights do you have within a communistic society?
Collective interest of the people
In Keynes theory, what happens after one person buys something.
This person now spends their earnings, which allows them to support another earnings.
Wrote the Communist Manifesto
Karl Marx
Define socialism.
The idea that the means of production, distribution and exchange should be owned and regulated by the community as a whole.
Define capitalism.
economic system in which the factors of production are privately owned and money is invested to make a profit.
Define communism
Classless / stateless society
Common ownership of all resources
No private property
Social equality
What are some causes of the Great Depression?
Agriculture overproduction
Credit
International economic situation
Unequal distribution of wealth
Wrote the Wealth of Nations
Adam Smith
(Blank) get to make the economic decisions under capitalism.
Individuals
Production is determined by...
Supply and demand
What is the goal of communism?
To get rid of social classes and make everything fair for everyone.
What was the Dustbowl and how did it affect the economy?
agricultural depression contributed to the Great Depression's bank closures, business losses, increased unemployment, and other physical and emotional hardships.
Laissez-Faire
belief that in a free market, economies and businesses function better when there is no interference from the government
What were some reasons the United States looked to socialism?
Unhealthy living conditions
Filthy streets
Streets filled with people
Poor health conditions
Work conditions in factories
what does capitalism have to do with freedom?
Capitalism promotes choice
What were the steps Marx stated that would lead to communism?
Primitive Communism
Feudalism
Capitalism
Socialism
Communism
What was the purpose of the New Deal ?(3R)
Relief
Reform
Recovery
Explain the what Adam Smith meant by division of labor.
the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons.