1. 7.4
Economic Systems

2. 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

3. 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

4. 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

5. 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