section 4 social studies

utilitarianism

Judging government by how many people they help

What were the main problems faced by the unions during the 1800's and how did they overcome them?

anti-union laws government is outlawing union strikes

Karl Marx

introduced the world to a radical type of socialism called Marxism

laissez faire

the economic policy of letting owners of industry and business set working conditions without interference.. Let people do what they want

socialism

the factors of production are owned by the public and operate for the welfare of all.

strike

refuse to work

4. What kind of society did early socialists want?

*equal society* government owns the of production in order to end poverty and promote equality

Why do you think that Marx's "dictatorship of the proletariat" did not happen?

After a period of cooperative living and education, the state or government would wither away as a classless society developed. no education

Adam Smith

Father of the free markets system. Promotes Capitalism

Why did workers join together in unions?

The workers wanted a higher pay and better working conditions.

Capitalism

an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit

communism

a form of complete socialism in which the means of production —all land, mines, factories, railroads, and businesses—would be owned by the people.

union

workers that joined together in voluntary labor associations

3. What were Adam Smith's three natural laws of economics?

•the law of self-interest—People work for their own good. •the law of competition—Competition forces people to make a better product. •the law of supply and demand—Enough goods would be produced at the lowest possible price to meet demand in a market economy.