what is an economic policy of letting owners of industry and business set working conditions without...
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What is an economic policy of letting owners of industry and business set working conditions without interference?
A. Capitalism B. Laissez faire C. Utilitarianism D. Socialism
Which philosopher felt that government should not interfere with business and the economy would prosper?
A. Karl Marx B. Jane Addams C. Andrew Carnegie D. Adam Smith
Which of the following is not considered part of Adam Smith’s natural laws of economics?
A. The law of the dollar B. The law of self interest C. The law of competition D. The law of supply & demand
What is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit?
A. Capitalism B. Laissez faire C. Utilitarianism D. Socialism
Who believed that without war and disease most people would be poor?
A. David Ricardo B. Adam Smith C. Karl Marx D. Thomas Malthus
ADAM SMITH Laissez-faire Economics
French economic philosophers
Believed that government should not interfere with business and the economy would prosper.
Smith believed economic liberty guaranteed economic progress.
1. The law of self interest People work for their own good
2. The law of competition Competition forces people to make a better
product
3. The law of supply and demand Enough goods would be produced at the
lowest possible price to meet demand in a market economy
Supported by British economists Thomas Malthus and David Ricardo
Formation of laissez-faire capitalism
What is Capitalism?
An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
THOMAS MALTHUS Wrote An Essay on the
Principle of Population Population has a
tendency to increase more quickly than the available food supply.
Without wars, disease and epidemics most people would be poor
DAVID RICARDO
Pinciples of Political Economy & Taxation
Poor will continue to be poor
Believed in a market system
Wages would be lower as population increases
What is an economic policy of letting owners of industry and business set working conditions without interference?
A. Capitalism B. Laissez faire C. Utilitarianism D. Socialism
Which philosopher felt that government should not interfere with business and the economy would prosper?
A. Karl Marx B. Jane Addams C. Andrew Carnegie D. Adam Smith
Which of the following is not considered part of Adam Smith’s natural laws of economics?
A. The law of the dollar B. The law of self interest C. The law of competition D. The law of supply & demand
What is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit?
A. Capitalism B. Laissez faire C. Utilitarianism D. Socialism
Who believed that without war and disease most people would be poor?
A. David Ricardo B. Adam Smith C. Karl Marx D. Thomas Malthus