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