An idea opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights
Gilded Age

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History
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9th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Laissez Faire
2.
FLASHCARD QUESTION
Front
Economic system where central government owns all property and controls all aspects of the economy.
Back
Communism
3.
FLASHCARD QUESTION
Front
Economic system where businesses are privately owned and goods and services are sold for a profit. Also called a free-market economy.
Back
Capitalism
4.
FLASHCARD QUESTION
Front
Economic system where government owns some industries (businesses), while others are privately owned. The government uses profits to pay for services such as health and education.
Back
Socialism
5.
FLASHCARD QUESTION
Front
Author of An Inquiry into the Nature and Causes of the Wealth Of Nations (1776), one of the most influential books ever written.
Back
Adam Smith
6.
FLASHCARD QUESTION
Front
Considered the founder of Communism, wrote "The Communist Manifesto."
Back
Karl Marx
7.
FLASHCARD QUESTION
Front
What is a slum?
Back
Highly populated and poor area in the city
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