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Industrialization and Factors of Production

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Industrialization and Factors of Production

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Industrialization helps with the factor of production by making machines for the production of goods.

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Urbanization can either increase or decrease the percentage of strikes

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There is a wage gap between the middle class and the lower class with the middle class getting paid more then lower class.

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They both have to do with the government and the way it rules the people.

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They both do with the good of the people. Capitalism would be utilitarianism.

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They both are about the ability for someone to work, their wages, and benefits.

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What is the difference between capitalism and socialism?

Capitalism wants the people to own and control the country's trade and industry while socialism wants the government to control the means of production.

How does the United States use Capitalism?

People own their own land and control what they do on it.

How does the United States use Socialism?

The government controls our exports and gives grants to people that want to start their own business but needs money to

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social class that sometimes can be split into upper and lower

made of skilled workers, professionals, business people, and wealthy farmers

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pioneer of political economics and Scottish moral philosopher

father of communism

wrote on the Wealth of Nations (1776)- one of the hey figures of the Scottish enlightenment

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The government should not be part of economic affairs

"hands off" policy

used in a capitalistic economic society

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a country's trade and industry are controlled by private owners not by the state (government) for profit

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the community as a whole (government) should own or regulate the social organization that advocates the means of production, distribution, and exchange

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Karl Marx

class war and leading to a society that all property is publicly owned and everyone works and gets paid according to their abilities and needs

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father of communism

study of history made him believe that communism would replace capitalism

believed in no classes in society

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Bourgeoisie- middle class (also merchants, industrialists, and professional people)

Proletariat- Marx called the exploited class (mass of workers workers who do not own the means of production)

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Karl Marx and Adam Smith both are both seen as the father of communism. They both believed in class war that would lead to a society where all property is publicly owned. Communism has been used by both of them and other people.