SSWH15a Adam Smith and Karl Marx

Scottish Professor who believed that the successful market economy is based on competition.

• Adam Smith
• Bourgeoisie
• Capital
• Capitalism

The capitalist class who own most of society's wealth and means of production.

• Adam Smith
• Bourgeoisie
• Capital
• Capitalism

Wealth in the form of money or other assets owned by a person or organization.

• Adam Smith
• Bourgeoisie
• Capital
• Capitalism

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

• Adam Smith
• Bourgeoisie
• Capital
• Capitalism

A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

• Capitalism
• Free enterprise system
• Karl Marx
• Law of competition

An economic system where a government places very few restrictions on the types of business activities or ownership in which citizens participate.

• Capitalism
• Free enterprise system
• Karl Marx
• Law of competition

Philosopher and economist famous for his ideas about capitalism and communism.

• Capitalism
• Free enterprise system
• Karl Marx
• Law of competition

Law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.

• Capitalism
• Free enterprise system
• Karl Marx
• Law of competition

A policy or attitude of letting things take their own course, without interfering.

• Laissez-faire
• Law of supply and demand
• Proletariat
• Socialism

The effect the availability of a particular product and the desire (or demand) for that product has on price.

• Laissez-faire
• Law of supply and demand
• Proletariat
• Socialism