Homework # 20

1-
 * laissez faire- An economic policy of letting owners of industry and business set working conditions without interference.
 * Adam Smith- A professor at the University of Glasgow, Scotland, who defended the idea of a free economy, or free markets.
 * capitalism- An economic system in which money is invested in business ventures with the goal of making a profit.
 * utilitarianism- A philosophy in which people should judge ideas, institutions, and actions on the basis of their utility, or usefulness.
 * socialism-An economic system in which the factors of production are owned by the public and operate for the welfare of all.
 * Karl Marx- A German journalist who introduced the world to a radical type of socialism called Marxism.
 * communism- A form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people.
 * union- Voluntary associations which workers join to press for reform.
 * collective bargaining- Negotiations between workers and their employers.
 strike- Refusal to work.

2-
In capitalism everybody competes for more money. When Karl Marx created Marxism he wanted people to all be in one economical class. He wanted everybody to not make that much money. There was nothing that was yours, everything was shared.

3-
There were many problems faced by unions during the 1800's. One problem was that there were both skilled and unskilled workers. The problem was that the skilled and unskilled workers would go on strike. But since the skilled workers are harder to replace, the employers prayed more attention to them than the unskilled workers. Another problem was the Combination Acts of 1799 and 1800. These acts banned unions and strikes. But in order to get better working conditions, the workers continued the unions and strikes. Later the Combination Acts were removed.

4-

I think that economic factors do control the society. More money, more power. Money persuades many things. It helps in politics and many other things. I believe that in order to have power you have to have two things. One is money and the other is intelligence. If you ha
ve those 2 factors you could have absolute power of a society. Therefore I think that economic factors do dominate societies.

Homework # 20

1. TERMS & NAMES - Identify
• laissez faire- An economic policy of letting owners of industry and business set working conditions without interference.
• Adam Smith- A professor at the University of Glasgow, Scotland, who defended the idea of a free economy, or free markets.
• capitalism- An economic system in which money is invested in business ventures with the goal of making a profit.
• utilitarianism- A philosophy in which people should judge ideas, institutions, and actions on the basis of their utility, or usefulness.
• socialism-An economic system in which the factors of production are owned by the public and operate for the welfare of all.
• Karl Marx- A German journalist who introduced the world to a radical type of socialism called Marxism.
• communism- A form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people.
• union- Voluntary associations which workers join to press for reform.
• collective bargaining- Negotiations between workers and their employers.
• strike- Refusal to work.


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