Capitalism

Front

Invisible hands is

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invisible forces that move the economy

Front

Which is a fundamental idea of laissez-faire capitalism? Options: Workers should own the means of production, Businesses should gain and lose according to their own effort, Government should control output and wages.

Back

Businesses should gain and lose according to their own effort

Front

A sale on winter coats in June is an example of _____ supply, _______ demand.

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High, low

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A present-day example of laissez-faire economics would be: minimum wage laws, farm subsidies, deregulation of the airline industry.

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deregulation of the airline industry

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Capitalism

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economic system in which money is invested in businesses to make profit

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Who came up with the idea of capitalism in their book, The Wealth of Nations?

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Adam Smith

Front

"The bigger the market, the more we specialize, the more we can produce"

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Division of labor

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Who makes the decisions in a capitalist economy?

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The People or Citizens (You and Me)

Front

The Book "The Wealth of Nations" provides the basic theory of

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Capitalism

Front

Adam Smith suggested governments should take control of the market.

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False