Chapter 1 Lesson 3.pdf

Karl Marx

________ wrote Communist Manifesto and Das Kapital

Proletariat

________- Workers who produce the goods.

Adam Smith

Government must provide the basic structure in which an economic system may function ________ wrote Wealth of Nations II.

Disadvantages

________: Extremes of wealth and poverty

Advantages

________: Incentives to achieve individual potential, freedom.

Producers

________- People who make goods & services to sell

D Bourgeoisie

________- Those who own the means of production.

Capitalism

________ is based on free enterprise, or individual economic choices.

Economic systems make decisions about

1

Producers

People who make goods & services to sell

Distributors

People who get products produced

Consumers

People who purchase and use goods & services Why is some government involvement necessary for economic systems to function

Advantages

Incentives to achieve individual potential, freedom

Disadvantages

Extremes of wealth and poverty Capitalism creates job and wealth III

Bourgeoisie

Those who own the means of production

Proletariat

Workers who produce the goods