7.4 Economic Systems.

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Presentation transcript:

7.4 Economic Systems

Economic Systems Laissez faire economics: economic system without interference from government Law of self-interest Law of competition Law of supply and demand Adam Smith: father of capitalism

Economic Systems Socialism: Economic system in which government is involved Government should provide for its citizens Utilitarianism: doing the most good for most number of people

Economic Systems Communism: All means of production is owned by the people Karl Marx = father of Communism Bourgeoisie (have) vs. Proletariat (have-nots) Proletariats will win Elimination of social classes

Unions Union: organization within a workplace to protect workers Strikes (refusal to work) a union tactic to get what they want Unions lead the way to many reforms in the workplace