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Chapter 23
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Entrepreneur
a person who starts a business
mixed economy
private enterprise with some government participation
laissez faire
government hands off business
Free enterprisef
anyone can start a business
private ownership
Capitalism
private wonership of productive property
Socialism
a political and economic philosophy which believes economic gains should be shared equally
no private ownership
no competition
Who wrote the communist manifesto?
marx and engles
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
Collectivization
government takes over farms
Fascicm
a radical authorization nationalist political theory
state ownership of business
single party state
capitalists create class division, communists exploit it
Mussolini
"corporate state"
4 factors of production
land
labor
capital (money)
management (labor skill)
monopoly
an organization of several firms that controls the only source of a product or service
free enterprise system
economic system in which individuals are free to start and run their own business
gosplan
central institution that planned the economy of the soviet union
capital
consist of the wealth and tools used to produce goods and services
laiseez faire theroy
recommends that governments play a very small role in the economy
Author
westerngal95
ID
219761
Card Set
Chapter 23
Description
government chapter 23
Updated
2013-05-15T16:19:17Z
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