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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.

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Capitalism

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  1. 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

  2. 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

  3. 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?

  4. 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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