what types of societies existed before industrialization
what are the types of industrialized economies
mixture of the 2
capitalism is based on what 4 principles
1:ability to own private property
2: main goal is the pursuit of personal wealth
3: free and open competition
4: laissez faire government
laissez faire government
4 principles of the law of supply and demand; what described these principles?
1- determines what will be produced
2- determines how much it will cost
3- ensures quality of product/service
4- controls distribution of labor market wages
*described by Adam Smith's invisible hand
wat are the 5 consequences of capitalism
1- nature and quality of work has changed in industrial economies
2- owners of the capital are more powerful than political leaders
3- drastically changed the environment
4- tremendous efficiency
5- high standard of living for masses (materialism)
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