Economic Theories Review

Entrepreneur

A person who organizes, manages, and takes on the risks of a business.

Socialism

A system in which society, usually in the form of the government, owns and controls the means of production.

Capital

An economic system based on private ownership of capital

Capitalism

An economic system based on private ownership of capital

Karl Marx

Father of Communism

Laissez-faire

Idea that government should play as small a role as possible in economic affairs. It means "hands-off" in french!

Fredrich Engels

Marx's partner in writing the Communist Manifesto

Musicians, Cashiers, Secretaries

These are all examples of Labor

Oil, Water, Marble, Wood

These are all examples of Land

Communism

a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

free market system

a system in which prices are not controlled by the government

Economic Theories

capitalism, socialism, communism

factos of production

land, labor, capital, entrepreneurship

Adam Smith

wrote the wealth of nations