Unit 1 Vocabulary

Question 1

Laissez-Faire Economy

Answer 1

(Let it be) Capitalism with the guiding hand

Question 2

Bourgeoisie/Bourgeois

Answer 2

Upper class / rich ppl

Question 3

Proletariat

Answer 3

Working/lower class / poor ppl

Question 4

Capitalism

Answer 4

Economic political system | Private owner controlling profit/market

Question 5

Socialism

Answer 5

Socio-economic system | Controlled by the ppl and helped by the government

Question 6

Marxism

Answer 6

A theory made by Karl Marx | Market controlled by the ppl and that the lower class would at the end bring an uprising

Question 7

Communism

Answer 7

Socio-economic system| Everyone is equal / no class

Question 8

Means of Production

Answer 8

The resources required to make money

Question 9

Adam Smith

Answer 9

Considered the “Father of economics” | Supports Capitalism and invented

Question 10

The Guiding Hand

Answer 10

Supply in demand / Feedback from the ppl

Question 11

Karl Marx

Answer 11

A German Philosopher | Creator of Communism especially Marxism