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