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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