all natural resources
work/workers (mental and physical)
money, equipment, buildings, all that's needed to produce a product
The people in charge of other 3 factors (capital, land, and labor)
organization that wants to improve conditions and wages for workers/members
organized work stoppage
Created affordable car using assembly line to increase production and cut costs
Method used to produce goods faster; product moves from worker to worker
His photographs raised awareness of child labor with goal of stopping it.
Government does not interfere with business. "Hands Off"
Iron Law of Wages
Law is unchangable, economic conditions would keep wages low
Known for idea of "Iron Law of Wages"
Thought gov't should own property and control business, father of socialism, utopian community.
+Total control, -Can lose all money
+Losses shared, -Unlimited liability
+ Many owners, easier to raise $, -Share profits
People control factors of production, competition, private ownership, have rich & poor
Gov't owns major industries, higher taxes wt no rich vs. poor, Gov't & people decide what is distributed
Gov't controls everything, usually a dictatorship, few consumer products
A business with complete control over an industry; no competition, can charge ANY price
Marx & Engles believed
as capitalism grew, workers would sink into poverty then seize business, wanted capitalism destroyed
arguments against capitalism, class struggle causes conflicts
foundation for socialism and communism; called for end of capitalism