Economic Systems Flashcards

1

Who believed there was conflict between the workers and factory owners?

2

Who believed the workers were exploited by the factory owners?

3

Who wrote the Wealth of Nations to explain the free enterprise system?

4

The belief that the government should stay out of the economy:

5

What is another name for Capitalism?

6

The government should stay out of the economy;

7

Karl Marx

8

Robert Owen

9

Private ownership of industry and the investment of money in business ventures to make a profit

10

Free Markets are guided by an invisible hand; are more productive, beneficial and efficient

Economic Systems