Economic concepts
Who authored The Wealth of Nations and laid the groundwork for modern capitalism?
Adam Smith
What term describes assets like factories and land, owned for profit by individuals or businesses?
Private Property
What economic system prioritizes private ownership and profit?
Capitalism
What ideology advocates for collective ownership and the abolition of class hierarchies?
Communism
What term describes the interplay between availability of goods and consumers' desires?
Supply and Demand
What term explains how individual self-interest and personal decisions can lead to positive outcomes for society in a free market?
Invisible Hand
What is the term for land, buildings, or other resources controlled collectively by the government?
Public Property
What is the rivalry among businesses to attract consumers by improving goods and services?
Competition
What document by Karl Marx and Friedrich Engels critiques capitalism and proposes revolutionary change?
The Communist Manifesto
What term describes the act of taking unfair advantage of workers for personal or corporate gain?
Exploitation
Who developed the theory of class struggle and co-authored The Communist Manifesto, laying the foundation for communist ideology?
Karl Marx
What is the term for possessions like clothing, furniture, or tools that are owned for one's own use rather than for generating income or profit?
Personal Property
What term refers to entities owned by individuals or groups that operate for profit in a free market?
Private Business
What theory claims the worth of goods is determined by the work required to produce them?
Labor Value
What is the spreading out of wealth in an economic system to reduce disparities?
Redistribution
What class, according to Marx, owns the means of production and controls societal resources?
Bourgeoisie
What economic resource can refer to land, labor, or capital used in production?
Resources
What is the condition where wealth and resources are unevenly distributed in a capitalist system?
Inequality
What is the working class that sells its labor to survive, as defined in Marxist theory?
Proletariat
What is any good or service produced to be sold or exchanged in a market?
Commodity
What describes an economy with minimal government intervention, where prices are determined by market forces?
Free Market
What term describes the overall system of resource allocation and production within a society?
Economy
What is the name for someone who owns resources and generates profit through the exploitation of labor?
Capitalist
What term refers to the dominance of one social group over others in economic and political systems?
Ruling Class
What is the ongoing conflict between Bourgeoisie and Proletariat over control of resources and labor?
Class Struggle