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Adam Smith

developer of Laissez-faire economical philosopher; supporter of free trade & no governmental interference with the economy

Karl Marx

"Father of Communism"; believed in communism and the idea of all goods and services should be shared & distributed equally

Enclosure

large planting fields

Factors of production

resources needed to produce goods and services (land, labor and capital)

Entrepreneur

This is a person who organizes, manages, and takes on the risks of a business.

Laissez Fair

economic policy of letting owners of industry and business set working conditions without interference from the government

Urbanization

city building and the movement of people to cities

Middle class

a social class of skilled workers, professionals, business people and wealthy people

Capitalism

an economic system in which the means of production are privately owned and operated

Socialism

an economic system in which the means of production are equally shared and distributed among the people

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