Capitalism/Socialism/Communism
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Capitalism/Socialism/Communism Name:
Capitalism Key Terms, People and Ideas: ______Factors of production ______Capital (physical and human) Profit ______Capitalist ______Entrepreneur Free enterprise system ______Sole Proprietorship ______Partnerships Corporations ______Mixed Economy ______Laws of supply and demand Monopoly ______Trust ______Adam Smith Laissez-faire theory ______“invisible hand” ______Pros and Cons ______vs. ______Socialism ______Key Terms, People and Ideas: ______Socialism Karl Marx ______Proletariat ______Bourgeoisie Welfare state ______Market economy ______Centrally planned economy Nationalization ______Public welfare ______Taxation Pros and Cons ______Communism Key Terms, People and Ideas: ______Communism ______Five-year plan Collectivization ______Gosplan ______Great Leap Forward Commune ______Pros and Cons ______