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Government controls the means of production, sets prices, wages, standards of production
Government provides social services for citizens and pays for these services through a high tax rate for the citizens
Individuals own the means of production; little to no government involvement in the economy
Free Market Economy
Government NEVER interferes with the economy (laissez-faire) (NO regulations are placed upon industries)
Mixed Market Economy
Government interferes in the economy ONLY when it is absolutely necessary to do so (some regulations are placed upon industries)
The ability to make your own economic decisions
Father of Communism; author of The Communist Manifesto
Father of modern economics; father of Capitalism; author of The Wealth of Nations; believed in pure laissez-faire capitalism
"Hands Off!" No government involvement in the economy
Owners of the means of production; also called the capitalists
Workers; eventually rise up in violent revolution and overthrow the bourgeoisie
The central banking institution of the United States - sets interest rates, serves as the federal government's bank, regulates the nation's money supply