Unit 4 Vocabulary
Adam Smith
"The Father of Economics", The Wealth of Nations, The Theory of Moral Sentiment, morally guided to prevent, monopolies, laissez-(capitalism)
market economy
Adam Smith, economic system, private ownership,free trade, competition
free enterprise
Adam Smith, system, businesses, operate, little government involvement
Industrial Revolution
Factories, railroads, factory town, England, America
Communism (Marxism)
Government, Government owns all property and runs a command economy
Socialism
Marxist origins, Social Democrats, collectivization (government control) of property, social equality, redistribution, authoritarian, poverty
Karl Marx
communism/socialism, Communist Manifesto, anti-capitalist, all means of production and wealth, distributed, controlled by the state (government)
Command economy
economic system, government makes all economic decisions
Traditional economy
economy, production, customs and tradition
Bourgeoisie
industrial middle class
Proletariat
industrial working class
Gross Domestic Product (GDP)
total market value, goods and services, produced in a country