1. The Industrial Revolution Ch. 25, Sec. 4 Reforming the Industrial Revolution pgs. 734-738

2. Laissez-Faire

3. Adam Smith

4. Adam Smith’s “Invisible Hand”

5. 3 Natural Laws of Economics Law of self-interest Law of Competition Law of supply and demand

6. The Four Basic Laws of Supply and Demand 1.If demand increases and supply remains unchanged, then it leads to a higher\lower price. 2.If demand decreases and supply remains unchanged, then it leads to a higher\lower price. 3.If supply increases and demand remains unchanged, then it leads to a higher\lower price. 4.If supply decreases and demand remains unchanged, then it leads to a higher\lower price.

7. Capitalism

8. Thomas Malthus

9. David Ricardo

10. Laissez-Faire and a Minimum Wage? FYI – There is a federal minimum wage in the USA that all states have to abide by. That wage is currently $7.25 an hour. However, many states have laws that raise the minimum wage in their state. For example, in CA, an employee is guaranteed $8.00 an hour. Some cities even have their own minimum wage laws. For example, the minimum wage in San Francisco is $10.24. (2012)

11. Jeremy Bentham and Utilitarianism

12. John Stuart Mill

13. New Harmony, Indiana (Utopia)

14. Socialism

15. Karl Marx and Friedrich Engels

16. The Communist Manifesto

17. Communism – What is it?

18. 20 th Century leaders inspired by Marx?

19. What forces drive a society? Just economics?

20. What communist countries exist today?