Industrial Revolution - Communism, Socialism, Capitalism

19 terms by shillipede

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Concepts and vocabulary needed to understand communism, socialism, and capitalism

Capitalism

Economic system where there is competition and the goal is to make a profit

Socialism

Economic system where the government passes laws to limit businesses and tries to redistribute wealth

Communism

Economic system where there is NO competition and everyone makes the same amount of money

Laissez-faire

When government does not interfere with business (this happens ONLY in capitalism)

Exploit

When someone takes advantage of people for profit

Profit

The amount of money that someone makes after selling stuff

Bourgeoisie

Middle class; haves; factory managers/owners and doctors, lawyers, etc.

Proletariat

Lower class/Working class; have-nots; factory workers

There is private property

Capitalism

Everything is shared equally (even if you work harder than someone else).

Communism

A system that results in a large middle class (not too many really poor or really rich)

Socialism

This economic system aims to make the best products for the lowest amount of money, which often leads to exploitation of workers.

Capitalism

The main goal is to make a profit.

Capitalism

There is no private property - the government owns everything.

Communism

What the US has today.

Capitalism

Businesses follow their own self-interest when they compete against each other.

Capitalism

There is no competition in this economic system.

Communism

A system with A LOT of government regulation of businesses.

Socialism

A system where you pay very high taxes in exchange for services like free education.

Socialism

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