Industrial Revolution 3

A _______ economy is an economy in which individual consumers and producers make economic decisions

1900s Communist gov't-small elite controlled all economic-political life, exercised authoritarian control over people

Market Economy is a type of economy is also called capitalism, or a free enterprise system.

Socialism grew out of the Enlightenment faith in progress and human nature and its concern for social justice.

A _______ economy is an economy in which the central government makes all economic decisions

Idea that the goal of society should be to bring about the greatest happiness for the greatest number of people

Early socialism was most concerned with

The main focus of utilitarianism was

The people as a whole rather than private individuals would own and operate the means of production

A mixed economy does not combine elements of traditional, market, and command economic systems.

German philosopher, condemned the ideas of the Utopians as unrealistic idealism

According to Marx, what would be the main characteristic of communism

Marx said, the “haves” were the bourgeoisie. The “have-nots” were the ________, or working class.

1920s, stock market was thriving, 1929-1939 the worst economic downturn happened, called?

The chart below demonstrates best what type of economy?

Command economy-lack competition & incentive entrepreneurs/laborers, why work hard when don't own business-pay is fixed

Ancient societies, people acquired goods through barter & exchange, rather than using _____ to purchase goods.

A _______ economy is an economy in which people make economic decisions based on their customs and habits

(Marxist Theory) Marx and Engels wrote a pamphlet which they published in 1848 called