SMITH V MARK FLASHCARD

Front

Who wrote The Wealth of Nations?

Back

Adam Smith

Front

Adam Smith's arguments are supported by ________, competition, and supply & demand.

Back

self-interests

Front

According to Adam Smith, our individual need to fulfill self-interests benefits ________ as a whole.

Back

society

Front

Adam Smith believed that economic liberty guarantees economic progress.

Back

True

Front

Smith's Law of Competition states that competition:

Back

leads to lower prices and improved quality for consumers.

Front

What is Capitalism?

Back

An economic system where trade and industry are controlled by private owners for profit

Front

In capitalism, who owns the means of production?

Back

Private citizens

Front

What does 'Laissez-Faire Capitalism' mean?

Back

The government does not interfere with the economy

Front

According to the diagram, which of the following is a pro of capitalism? Lacks equality of opportunity, Innovation is often rewarded, External costs are ignored

Back

Innovation is often rewarded

Front

The Communist Manifesto provided the basis of which ideology?

Back

Marxism (Socialism-Communism)