industrial rev. Flashcards
(33 cards)
economics
the study of the production and distribution of goods and services
three basic questions of economics
what to produce?
how to produce it?
how to distribute it?
traditional economics
the answers to the economic questions are based on whats been done in the past
market economics
the answers to the economic questions are made by individuals determiend by price and supply and demand
command economics
the answers to the economic questions are made by a central authority, usually the government
market economy (laissez-faire capitalism)
private ownership, free enterprise, profit motive, competition, market price
private ownership
individuals can own a business
free enterpirse
individuals are free to choose and run a business
profit motive
individuals make decisions to make money
competition
individuals make decisions to beat their competitors
market price
using the laws of supply and demand to determine the price
economic thinkers
adam smith, thomas malthus, david ricardo, karl marx
bourgeoisie
business owners and managers
proletariat
factory wokers
karl marx
german thinker, scientists, philosopher, historian
1848
wrote the communist manifesto with Engles
marx viewed history as….
a struggle between the haves and the have nots
marxism
the public owns all property, operates all businesses, and controls the means of production ( revolution of the proletariat)
communism
marxism applied in the real world (totalitarian)
totalitarian type gov.
violates indivdual rights, provides basic necessities, and treats themselves better than th erest of the pop.
japan - early history
isolated, homogeneous culture and selective borrowing
tokugawa shogunate
1603-1868
centralized feudalism
one person was in control
1854
treaty of kanagawa signed
