Question

Capitalism Defined: economic system where the means of production are owned by private citizens with the goal of making a profit. Adam Smith - Father of Capitalism Wrote the famous book: ______________________________________ He believed in a free market system where ___________ and _____________ run the market. Laissez-faire - Government stays out (“Hands Off”) the economy. Private ownership - _______________, not the government own property and make decisions. Competition - businesses competing will lead to lower prices and better products. Exploitation of workers - owners place ___________ above all else. Employees are expendable. Growing gap between the rich and poor (rich get richer, poor stay poor). Eventually, workers will unite in _____________ to get reforms such as better working conditions, insurance, more $, etc. (Reform or Progressive Era)

Answer 1

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Adam Smith, often considered the Father of Capitalism, wrote the famous book “The Wealth of Nations.” He believed in a free market system where supply and demand run the market. Private ownership, not the government, owns property and makes decisions. Exploitation of workers occurs when owners prioritize profit above all else. The growing wealth gap may lead to workers uniting in labor movements to demand reforms during the Progressive Era.