1. -Isms A brief overview of economic systems By: write your name here

2. ADAM SMITH AND CAPITALISM

3. Self-interest and society A person acts in self-interest by producing goods to gain profit. That person serves the interest of society because these goods are …………. by society.

4. Government and Laissez-Faire Laissez-faire means “let them do” Adam Smith thought the government should ……….. of the …………. trade.

5. Division of Labor A nation’s wealth comes from its division of labor One person manufacturing an item would take ……… If each worker just makes one ….. part of this item and it will be ……… at the end of the line, manufacturing is faster and more ……….. Smith’s division of labor set the groundwork for the …………. in the 20 th century

6. The wealth of a nation The real wealth of a nation is the stream of ……….. It is not hoarding gold and silver (Mercantilism) but the increase of ……..

7. Labor and Wages Different jobs have different ……. The more riskier or dirtier the job the ….. should be the wages. Workers can................. choose how to ………….. their labor.

8. Role of the Government Governments should provide certain services: – ……… – ………. Government should also help to prevent market power …………. in the hands of a few.

9. Possible Dangers Self-regulation of the market is threatened by: – ……… – ………. – ……….. – …………

10. MARX AND COMMUNISM

11. Karl Marx in his time He saw the ……. and ……………. of the workers. He had a concern for ………………. justice

12. The Communist Manifesto History is the history of …………… struggles. The …….. class fights against the …….. class. This struggle would end in a …….. society.

13. Social Systems All social systems are ……………….. motivated. Social systems change as a result of ……… and ……. changes regarding processes of production. The oppressed class carries out struggles for social changes to ………………….. a better future for themselves.

14. The Class Struggle The …… class struggles and will eventually …… and defeat the wealthy class. The ……… class will create a new …… system where ……………. would be distributed ……..

15. Bourgeoisie and Proletariat Bourgeoisie in Marx’s term means: – ……………… Proletariat in Marx’s term means: – …………………………….

16. What do you think about Marx’s ideas?