Economic Theories Chapter 1 Section 4.

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Presentation transcript:

Economic Theories Chapter 1 Section 4

What are the 3 major Econ decisions? Pg 26 Role of Econ. System What are the 3 major Econ decisions? Pg 26

Capitalism What are the 5 main characteristics? Pg 26 What are the 2 important foundations Pg 27 What is a ‘FREE MARKET’? What is ‘LAISSEZ-FAIRE’?

Cont…………….. What free enterprise in the US? How has the Gov’t influenced this? What is mixed market econ.?

Socialism What is it and who started it? What is ‘BOURGEOISIE’? What is ‘PROLETARIAT’? What is meant by Class Struggles? \

Communism What is it? What is a command econ.? Make sure you know Karl Marx and Adam Smith.

The End Study for you test!!!!!!!