Chapter 23

  1. Entrepreneur
    a person who starts a business
  2. mixed economy
    private enterprise with some government participation
  3. laissez faire
    government hands off business
  4. Free enterprisef
    • anyone can start a business
    • private ownership
  5. Capitalism
    private wonership of productive property
  6. Socialism
    • a political and economic philosophy which believes economic gains should be shared equally
    • no private ownership
    • no competition
  7. Who wrote the communist manifesto?
    marx and engles
  8. Communism
    • 1) Theory of History- class struggles between upper and lower class
    • 2) Labor theory of value- good should only be worth the labor it takes to make it
    • 3) Nature of the state- the rich tend to be in government
    • 4) dictatorship of the proletariat  some leader will lead us to a classless society
  9. Collectivization
    government takes over farms
  10. Fascicm
    • a radical authorization nationalist political theory 
    • state ownership of business
    • single party state
    • capitalists create class division, communists exploit it
  11. Mussolini
    "corporate state"
  12. 4 factors of production
    • land
    • labor
    • capital (money)
    • management (labor skill)
  13. monopoly
    an organization of several firms that controls the only source of a product or service
  14. free enterprise system
    economic system in which individuals are free to start and run their own business
  15. gosplan
    central institution that planned the economy of the soviet union
  16. capital
    consist of the wealth and tools used to produce goods and services
  17. laiseez faire theroy
    recommends that governments play a very small role in the economy
Card Set
Chapter 23
government chapter 23