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Economic Theory 2 Point 2 Point 2 Point 2 Point 2 Point 2 Point Economists Economic Theory More Economic Theory Socialism Marxism Wild Card 2 Point 2 Point 2 Point 2 Point 2 Point 2 Point 4 Points 4 Points 4 Points 4 Points 4 Points 4 Points 6 Points 6 Points 6 Points 6 Points 6 Points 6 Points 8 Points 8 Points 8 Points 8 Points 8 Points 8 Points 10 Points 10 Points 10 Points 10 Points 10 Points 10 Points

Law of Supply and Demand

Adam Smith

Reform writer; wrote many fictionalized accounts of industrialization’s problems.

Charles Dickens

The amount of people increase exponentially, but the amount of food only increases arithmatically.

Thomas Malthus

Supply and Demand determine wages.

David Ricardo

Government should consider the well-being of all citizens when making laws, like giving women the right to vote.

John Stuart Mill

Person may go into any business and operate it however they want.

Free Enterprise

Government should NOT interfere with business.

Laissez-Faire

Entire group of workers refuses to work in order to win concessions from their employer.

Strike

Every act of society is judged by its usefulness.

Utilitarianism

Employer and employees negotiate a contract.

Collective Bargaining

Individuals own factories that manufacture items other individuals buy.

Industrial Capitalism

Individual merchants buy, sell, and exchange goods.

Commercial Capitalism

Production method used before the Industrial Revolution.

Domestic System

Lowest point in the business cycle

Depression

One corporation controls part of the production process.

Monopoly

Live in peace together, sharing what you produce

Utopian socialism

He said factory owners are responsible for taking care of their workers.

Robert Owen

Government has complete control of the means of production and ignores human rights.

Authoritarian socialism or Leninism or Communism

Government owns large businesses, but private property and rights are maintained. Unions are supported, and the government gradually improves working and living conditions.

Democratic Socialism

Why do socialists believe capitalism is a failure?

Unequal distribution of wealth which only government ownership of the means of production can improve.

All of the stages of history involve this, according to Marx.

Struggle between the haves and have nots.

Marx says they create the value of a product.

Labor (the workers who made it)

Marx’s vision of a true, classless society

Pure Communism

Books that Marx wrote

Das Capital, Communist Manifesto

Marx called for this.

Violent revolution of all of the workers

Use of automated machinery in production

Mechanization

This invention provided the raw material needed by the textile industry.

Cotton Gin

Writer and advocate of utilitarianism who mentored John Stuart Mill

Jeremy Bentham

Most disgusting working class apartment

Basement

Job opportunities for unmarried, middle class women

Nursing, social work, teaching

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Final Answer

Final Question