Identify the concepts Flashcards
(72 cards)
Focused on individuals than groups
Humanism (Individualism)
The French Revolution
Advanced the cause of equality under the law
What is the Third Estate
Bourgeoisie
What is the Second Estate
Church
Steam, Factory, Use of machines
Industrial Revolution
Sometimes leads to negative things like theft and greed
Self Interest
Where the private interests and passions of men are led in the direction which is most agreeable to the interests of the whole society therefore there is no need for central planning
Invisible Hand (Law of the Market)
Free Market System
Laissez Faire
What does no competition lead to
Market Failure
Results in competition
Self interest
Puts a break to exorbitant prices
Competition
Increases the dexterity of workmen, saves time, and application of machinery
Division of Labor
What is the extent of the division of labor dictated by
Size of the market
Enumerate four reasons why one should employ capital as near as home
- Security
- Knows the Market
- Knows who to trust
- Knows the law of the country
Wealth wed in production to give effect to labor
Capital
Their contribution to the economy is land
Landlords
They are addicted to the domestic delights of society
Workers
Needed to make more food because of population growth
Land
This situation increases the natural price of labor compared to market price (because of the increase of price in the products)
Differential Rent
They are pressured to increase the market price
Capitalists
When countries can benefit from trading with each other by focusing on making the things they are best at making, while buying the things they are not as good at making from other countries.
Comparative Advantage
This caused hardships for industrial working class, workers’ rights are not protected, employment was never secure
Industrial Revolution
What report is about child labor
Sadler Commission Report
A classless system
Communism