Industrial Revolution - Communism, Socialism, Capitalism
Concepts and vocabulary needed to understand communism, socialism, and capitalism
Economic system where there is competition and the goal is to make a profit
Economic system where the government passes laws to limit businesses and tries to redistribute wealth
Economic system where there is NO competition and everyone makes the same amount of money
When government does not interfere with business (this happens ONLY in capitalism)
When someone takes advantage of people for profit
The amount of money that someone makes after selling stuff
Middle class; haves; factory managers/owners and doctors, lawyers, etc.
Lower class/Working class; have-nots; factory workers
There is private property
Everything is shared equally (even if you work harder than someone else).
A system that results in a large middle class (not too many really poor or really rich)
This economic system aims to make the best products for the lowest amount of money, which often leads to exploitation of workers.
The main goal is to make a profit.
There is no private property - the government owns everything.
What the US has today.
Businesses follow their own self-interest when they compete against each other.
There is no competition in this economic system.
A system with A LOT of government regulation of businesses.
A system where you pay very high taxes in exchange for services like free education.