1.laissez faire-letting owners of business set working conditions without interference
Adam Smith-a professor that defended the idea of a free economy
capitalism-an economic system in which money is invested in business
utilitarianism-government should try to promote the greatest good for the greatest number of people
socialism-an econimic system where the factors of production are owned by the public
Karl Marx-introduced the world to a type of socialism called marxism
communism-a form of socialism where the means of production would be owned by the people
union-a voluntary association to press for reforms
collective bargaining-negotiations between workers and their employers
2.capatilst
-people floow their own self interests
-try to make better and cheaper goods
-compete to purchase cheaper and better goods.
-believes government should not interfere
both
-believe the production should be owned by the public
marxist
-all movements lead to economic struggle
-workers take advantage of employers
-bealieve the capitalist will eventually destroy itself
3.the main problems were that they were being controlled by the government and that they were working hard for nothing being exploited by the employers. they fought for the right of the production being owned by the public and went on strike when they didnt agree with descisions
4.economic forces are important because all the movements effect the the public and how they get their goods and run businesses. The people are always fighting to ave the rights to have control in their own business and economy
