Capitalism
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Capitalism. Communism. Philosopher(s) and year. Key Ideas. Government influence. Supply/Demand/Output. Driving Force. Natural or Man made. Factors of Production. Inventions and improvements. Wages. Overall economic policy. Views on Profit. Views on competition. Freedom. Price.

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Capitalism

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Capitalism

Capitalism

Communism

Philosopher(s) and year

Key Ideas

Government influence

Supply/Demand/Output

Driving Force

Natural or Man made

Factors of Production

Inventions and improvements

Wages

Overall economic policy

Views on Profit

Views on competition

Freedom

Price

Who determines key economic principles? The People or the Government?

Views on incentive, consequences, goals


Capitalism

Capitalism-Free market

Communism-Command Economy

Philosopher(s) and year

Adam Smith – 1776 Wealth of Nations

Karl Marx- 1848 Communist Manifesto

Laissez-faire, Econ liberty= Econ progress, the invisible hand

Class struggle, haves vs the have not, redistribution of wealth

Key Ideas

Profit, price, and competition

Wages

Overall economic policy

Views on Profit

Views on competition

Factors of Production

Driving Force

Government influence

Price

Natural or Man made

Freedom

Supply/Demand/Output

Inventions and improvements

Government system

Natural laws of economics

Man-made, “fairness”

Who determines key economic principles? The People or the Government?

People make decisions based on scarcity and alternative uses

Government makes decisions based on scarcity and alternative uses

Government makes decisions based on scarcity and alternative uses

People make decisions based on scarcity and alternative uses

People make decisions based on scarcity and alternative uses

Government makes decisions based on scarcity and alternative uses

People make decisions based on scarcity and alternative uses

Government makes decisions based on scarcity and alternative uses

Views on incentive, consequences, goals

Policy based on incentive and consequences

Policy based on man made goals and quotas

Discouraged Those who make profit did so by taking advantage of others

Encouraged- driving force

Discouraged- shared resources

Encouraged leads to advancement

Economic freedom leads to progress

Economic freedom leads abuses

Lack of incentive stalls progress

Incentive for profit leads to improvements

Hands on- the system makes the decisions

Hands off- let scarcity drive price, outputs, and the factors of production


Capitalism

Was Capitalism fair or unfair?

Was Communism Fair or unfair?

Which system is more likely to lead to improvements?

Which system is more natural? Explain

Which system is more of a man made creation? Explain

Which groups of people would Communism most appeal to and why?


Capitalism

In the United States we have a mixed economy.

Are society is based on free market principles, however over the years there has been an increase in government intervention in the economy.

Looking at our history and the current day find examples of Government interactions in the economy.

Wage and Price

Supply/Demand/output

Redistributing wealth

Competition

The use of resources

Note: I would think about the New Deal, the 1970’s, and our current day


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