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TMC C -------- C ----------- S ------------ C --------- M.

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Presentation on theme: "TMC C -------- C ----------- S ------------ C --------- M."— Presentation transcript:

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2 TMC

3 C -------- C ----------- S ------------ C --------- M

4  Who owns the production resources? Who makes the decisions?

5  Who was a founding thinker? What book(s) did he write?

6  Wrote The Wealth of Nations  Introduced the idea of “ the invisible hand ”  Laissez-faire economics

7  David Ricardo  Called capitalism “The Dismal Science”  “The Iron Law of Wages” – raising wages would only cover cost of necessities

8  Predicted population increase would grow faster than food production (he was wrong… at that time)  Urged population control: fewer children, no handouts, no vaccinations

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15 You sell one and buy a bull!

16 Jeremy Bentham Utilitarianism : The greatest happiness for the greatest number

17  “The only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.”

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20  Who owns the production resources? Who makes the decisions?

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22  Bourgeoisie (aka: the “haves”)  Proletariat (aka: the “have-nots”)

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27  The government takes them and gives you the milk.

28  Who makes the decisions? Who owns the resources? › Some things are owned by the government (examples?) › Some things are owned by individuals (examples?)

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33 The government takes one and gives it to your neighbor.


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