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Chapter 1 Lesson 3.pdf
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16 Terms
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Karl Marx
________ wrote Communist Manifesto and Das Kapital
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Proletariat
________- Workers who produce the goods.
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Adam Smith
Government must provide the basic structure in which an economic system may function ________ wrote Wealth of Nations II.
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Disadvantages
________: Extremes of wealth and poverty
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Advantages
________: Incentives to achieve individual potential, freedom.
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Producers
________- People who make goods & services to sell
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D Bourgeoisie
________- Those who own the means of production.
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Capitalism
________ is based on free enterprise, or individual economic choices.
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Economic systems make decisions about
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Producers
People who make goods & services to sell
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Distributors
People who get products produced
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Consumers
People who purchase and use goods & services Why is some government involvement necessary for economic systems to function
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Advantages
Incentives to achieve individual potential, freedom
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Disadvantages
Extremes of wealth and poverty Capitalism creates job and wealth III
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Bourgeoisie
Those who own the means of production
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Proletariat
Workers who produce the goods