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

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.”

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

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

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?)

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