Capitalism Flashcard

Front

Who is known as the "Father of Capitalism"?

Back

Adam Smith

Front

What book did Adam Smith write?

Back

The Wealth of Nations

Front

What is the key principle of "Laissez-faire" economics?

Back

Government should keep its “hands off” business

Front

According to Adam Smith, what sets prices in a free-market economy?

Back

Market forces (the invisible hand)

Front

Which of the following is NOT an element of Capitalism? Private property, Minimal government regulation, Shared ownership of property

Back

Shared ownership of property

Front

Which philosopher wrote "The Communist Manifesto" in 1848?

Back

Karl Marx

Front

What is Communism characterized by?

Back

State control of the economy

Front

What is a key belief of Karl Marx? Options: Competition leads to innovation, Workers must unite to overthrow owners, The invisible hand guides markets, Property should remain private

Back

Workers must unite to overthrow owners

Front

According to Marx, what is history primarily about? Options: The invisible hand of markets, Cultural development, Class struggle, Innovation and competition

Back

Class struggle

Front

What did Adam Smith believe motivated the butcher, the brewer, or the baker?

Back

Self-interest