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CAPITALISM V. SOCIALISM

CAPITALISM V. SOCIALISM. NOTES . Key Terms. 1. capitalism – free enterprise (market) economy where citizens have most decision making 2. laissez-faire – “hands off” by the government; no gov’t involvement in economy

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CAPITALISM V. SOCIALISM

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  1. CAPITALISM V. SOCIALISM NOTES

  2. Key Terms 1. capitalism – free enterprise (market) economy where citizens have most decision making 2. laissez-faire – “hands off” by the government; no gov’t involvement in economy 3. invisible hand – what motivates (pushes us) to work (competition and greed) 4. socialism – a society of no social class and equal distribution of income 5. communism – a society controlled by a small group of people (command economy)

  3. Chart difference between capitalism and socialism (on board)

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