Module 15-Vocab Terms

2. German social philosopher and chief theorist of modern socialism and communism, declared that as capitalism grew, more and more workers would become impoverished and miserable, advocated for a state in which the workers own the means of production and govern themselves, along with Friedrich Engels, he wrote The Communist Manifesto in 1848, explaining their philosophy.
4. An economic system in which the factors of production are owned by the public and operate for the welfare of all.
6. The theory, proposed by Jeremy Bentham in the late 1700's, that government actions are useful only if they promote the greatest good for the greatest number of people.
7. An association of workers, formed to bargain for better working conditions and higher wages.
8. The idea that government should not interfere with or regulate industries and businesses.
9. A political philosophy that argues that government works against people's interests ans should be done away with entirely.

1. An economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
3. An economic system in which all means of production.
4. To refuse to work in order to force an employer tp meet certain demands.
5. Scottish economist, became the leading advocate of laissez faire economics, considered by some to be the "father of modern economics," wrote the first true text on economics, The Wealth of Nations, in 1776.