Capitalism
What is Laissez-Faire?
The economic idea that minimal government intervention should occur and that a free market economy should be the basis of a state's economy. With supply and demand regulating pricing not government.
Founded in the U.S a large chocolate brand with a theme park and owns the rights to Reese's.
Hershey
Founder of Capitalism?
Adam Smith
What is collective ownership?
Collective ownership is when individuals are denied the right to private ownership. It is a model where the state or community owns all the rights to production, land, and controls the finances.
Who owns most farms and factories in a capitalistic society?
Private individuals & companies!
What is a free market?
An economic system where companies and individuals can trade without restrictions and barriers. Limited to no government intervention as supply and demand self-regulate.
A German based company founded in 1920s with a bear mascot
Harbio Gummy Bears
Founders of Socialism?
There is no single founder but Marx and Robert Owens were two of its supporters.
What is the most radical form of Socialism?
Communism is the most extreme version of Socialism. In which all private ownership is eliminated, the state owns everything, and resources are distributed "evenly" often placing the collective society in debt and leading to high levels of poverty.
What major economic system did Capitalism replace in Europe?
Merchantilism
What is the stock exchange?
A form of investment in which people exercise economic freedom to buy and sell portions of private corporations in order to earn a profit.
Company with a bird's nest as a logo. Owns Kit Kat and Skittles.
Nestle!
When and Where did Capitalism Develop?
England circa Industrial Revolution!
What is Nationalization?
The practice of transferring the private ownership rights to government control.
Did Henry Ford support Capitalism or Socialism during the early 1900s?
Capitalism! He promoted many aspects associated with Capitalism and American industry.
What is Entrepreneurship?
The use of economic innovation and private ownership principals to create businesses and generate wealth. A key part of the capitalist economy!
Twizzlers
Goal of Socialism?
To create a more "equal and fair" class structure and economy. However this limits economical prosperity of individuals and increases the rate of poverty among many other issues.
What is Marxism?
A socialist idea that is directly anti-capitalist and promotes a class-less where everyone's wealth must be "equally distributed" rather than promoting individual ownership.
Current Events question! What is the name of the far-left socialist currently running for New York Mayor (yikes!)?
Zohran Mamdani
What is private Enterprise?
A business venture managed by a private company or individuals rather than under state control. Example of exercising the rights of Capitalism!
Slogan is "Sour, Sweet, Gone"
Sour Patch Kids!
Goal of Capitalism?
To give individuals and businesses freedom to generate wealth and profit by operating in free-markets, having the right to private ownership and fueling innovation and competition in industry to promote economic growth.
What is wealth redistribution?
A socialist practice of distributing wealth evenly often through tax policies that tax the wealthy in an effort to take their hard earned money and distribute it through society for "equality".
Who was the Scottish economist that wrote the "Wealth of Nations" that established capitalist principals?
Adam Smith!