Comparative Political and Economic Systems

Philosopher who wrote the "Wealth of Nations"

• Adam Smith

• Karl Marx

• Thomas Hobbs

• John Locke

Owners of the means of production in a capitalist system

• Proletariat

• Bourgeoisie

• Aristocracy

Economic system of the US in which individuals and businesses own factors of production

• mercantilism

• socialism

• capitalism

• communism

Basic resources that make up an economy

• land and natural resources

• labor

• capital

• entrepreneurship

• factors of production

economic system in which the governmetn makes most economic decisions

• command economy

• market economy

• traditional economy

• mixed economy

economic system that combines traditional, market, and command economies

• capitalism

• socialism

• democracy

• mixed economy

theory that states the economy benefits from minimal government involvement

• capitalism

• laissez-faire

• socialism

• mercantilism

economic system in which individuals and businesses make most economic decisions

• command economy

• mixed economy

• market economy

• traditional economy

founder of socialism

• Thomas Hobbs

• John Locke

• Adam Smith

• Karl Marx

working class

• bourgeoisie

• proletariat

• aristocracy