Final answer:
Laissez-faire is an economic philosophy advocating minimal government intervention in the economy, pioneered by Adam Smith. Socialism and communism are economic systems emphasizing collective ownership, with Karl Marx being a pivotal figure for communism. Unions and strikes are tools used by workers to negotiate better work conditions and pay.
Step-by-step explanation:
Laissez-faire is a French term meaning 'let do,' and it refers to an economic philosophy advocating for minimal government intervention in the economy. Adam Smith, a Scottish economist, coined this idea emphasizing that free-market forces should regulate the economy. Capitalism is an economic system where the means of production are privately owned, and profits are generated for owners through the market economy.
Utilitarianism is a philosophical theory, strongly associated with Jeremy Bentham, that states actions are right if they benefit the majority, aiming for 'the greatest happiness for the greatest number.' Socialism is an economic system advocating for collective or governmental ownership and administration of the means of production and distribution of goods.
Karl Marx was a revolutionary thinker who, along with Friedrich Engels, laid the foundation for communism, where class divisions are eliminated and the means of production are commonly owned. A union is an organized group of workers who come together to make collective decisions regarding work-related matters, including wages and conditions. A strike is a work stoppage caused by the refusal of employees to work, often to protest for better conditions or pay.