Gilded Age

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

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Laissez Faire

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Economic system where central government owns all property and controls all aspects of the economy.

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Communism

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Economic system where businesses are privately owned and goods and services are sold for a profit. Also called a free-market economy.

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Capitalism

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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.

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Socialism

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Author of An Inquiry into the Nature and Causes of the Wealth Of Nations (1776), one of the most influential books ever written.

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Adam Smith

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Considered the founder of Communism, wrote "The Communist Manifesto."

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Karl Marx

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What is a slum?

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Highly populated and poor area in the city

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Trade union

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Trade unions are independent organisations that represent workers to their employers

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A rapidly spreading outbreak of disease affecting many large populations (example: typhoid)

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Epidemic

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The total or complete control of a service, product or industry that prevents competition

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Monopoly