Economic Systems and Philosophies

Person who developed economic philosophy known as communism.

• Karl Marx

• Adam Smith

The production and distribution of goods and services is controlled by the government.

• Capitalism

• Socialism

• Communism

• Imperialism

Economic system where production and distribution of goods is controlled by business owners.

• Communism

• Capitalism

• Socialism

• Imperialism

Person that said the government should not interfere with the economy in any way.

• Karl Marx

• Adam Smith

This French word is used to describe a system of collective/community ownership where there is NO private property.

• Capitalism

• Socialism

• Communism

• Imperialism

What was the MAIN reason why socialism emerged in response to the Industrial Revolution?

• Many workers made too much money and they needed to give it to someone.

• Many workers grew poor, even though factory owners accrued massive wealth.

• Factory owners grew poor because they paid their employees too much money.

• Factory owners felt bad about paying their employees little money.