 Please take out your notes from yesterday. If you were absent, you should grab a copy from the file in the back.  Please review the causes and effects of the Industrial Revolution.

 DEFINITION: A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole

 HOW ECONOMY DEVELOPES: For the common good

 DEFINITION: A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs

 HOW THE ECONOMY DEVELOPS: Work according to your ability (gov’t assigns) and receive based on need

 DEFINITION An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state

 HOW THE ECONOMY DEVELOPS: Free market economy; investment of private money