Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Capitalism- Free Markets Communism- planned
Document related concepts
Criticisms of socialism wikipedia , lookup
Business cycle wikipedia , lookup
Participatory economics wikipedia , lookup
Steady-state economy wikipedia , lookup
Post–World War II economic expansion wikipedia , lookup
Economic calculation problem wikipedia , lookup
American School (economics) wikipedia , lookup
Economics of fascism wikipedia , lookup
Transcript
Philosopher(s) and year Key Ideas Driving Force Natural or Man made Who determines key economic principles? The People or the Government? Factors of Production Price Supply/Demand/Output Wages Views on incentive, consequences, goals Overall economic policy Views on Profit Views on competition Freedom Inventions and improvements Government influence Philosopher(s) and year Adam Smith – 1776 Wealth of Nations Karl Marx- 1848 Communist Manifesto Key Ideas Laissez-faire, Econ liberty= Econ progress, the invisible hand – self interest Profit, price, and competition (invisible hand) self interest Class struggle, haves vs the have not, redistribution of wealth Natural laws of economics Man-made, “fairness” Driving Force Natural or Man made Central Planners Who determines key economic principles? The Private Individuals or the Government (small group of public officials)? People make decisions based on scarcity and alternative uses People make decisions based on scarcity and alternative uses – mutual exchange People make decisions based on scarcity and alternative uses People make decisions based on scarcity and alternative uses – mutual exchange Factors of Production Price Supply/Demand/Output Wages Government makes 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 Government makes decisions based on scarcity and alternative uses Views on incentive, consequences, goals Overall economic policy Self-interest leads to collective benefits Policy based on man made goals and quotas Views on Profit Encouraged- driving force Views on competition Encouraged leads to advancement Discouraged Those who make profit did so by taking advantage of others Discouraged- shared resources Freedom Economic freedom leads to progress Economic freedom leads abuses Inventions and improvements Incentive for profit leads to improvements Lack of incentive stalls progress in the private sector Government influence Hands off- let scarcity drive price, outputs, and the factors of production (limited)- don’t benefit special interest Hands on- the system makes the decisions 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? What do we have in America? Examples:
