what is the definition of factors of production
basic resources used to make goods and services
what does factors of production include?
land, labor, capital, and the role of entrepreneur
what kind of role does the laissez faire theory expect from the government?
a limited role
what does the government promote and regulate?
the american economic life
what does socialism believe in?
sharing economic wealth equally
what are the characteristics of a socialist economy?
nationalization, public welfare, taxation, and centrally planned economy
what role did the proletariat play in the capital enslavement?
a worker
what role did a bourgeoisie play in the capital enslavement?
a capitalist
why was socialism appealing in developing countries?
leaders were interested in industrial growth
what is communism?
a collective or state ownership of land and other property
what is a five year plan?
a planning of how leaders want the economy to develop over the next five years
what is the Great Leap Forward?
a five year plan to modernize china
what are the characteristics of a communist economy?
role of the communist party, central planning, collectivization, and state ownership
who is karl marx?
a father of modern day socialism
what did karl marx write along with friedrich engels?
the communist manifesto
