Chapter 25 Section 3,4 Flashcards Preview

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Flashcards in Chapter 25 Section 3,4 Deck (11):
1

Stock

Right of ownership in a company called a corporation

2

Corporation

Business owned by stockholders who share in its profits but are not responsible for its debts

3

Laissez faire

Economic theory that argues that government should not interfere with business affairs

4

Adam Smith

Philosopher who defended laissez faire economics

5

Capitalism

Economic system in which people invest money to make a profit

6

Utilitarianism

Belief that an idea is only as good as it is useful

7

Socialism

Belief that businesses should be owned by society as a whole

8

Karl Marx

Economic thinker who wrote about a radical form of socialism

9

Communism

Form of socialism in which all production is owned by the people

10

Union

Organized groups of workers that bargain with business owners to get better pay and working conditions

11

Strike

Organized refusal to work