1. Economic Theories
Chapter 1 Section 4

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

3. 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’?

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

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

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

7. The End
Study for you test!!!!!!!