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- Capitalism - An economic system in which the means of production (capital) are privately owned and goods and services are produced for profit in a free market
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- Ideology - A system of ideas and ideals, especially one which forms the basis of economic or political theory or policy
- Industrial Capitalism - An economic system that relies on investment of capital in machines and technology that are used to increase production of marketable goods
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- 'Laissez-faire' - The 'Laissez-faire' (anti-interference) is a system that economics leans on to keep the economy self-regulating with producers, consumers and markets that operate the supply and demand in the economy.
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- Mercantilism - A system of trade for profit. European merchants, backed by governments, made profits from buying and selling goods (mainly produced using non-capitalist methods)
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- Owner Class - The means of production (capital) are owned only by the few people (capitalists) who can pay for them. Modern means of production are things like machines, factories and land.
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- Adam Smith (1723-1790) - Political economist and moral philosopher. Wrote 'Wealth of Nations.'
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- Working class - The people (labourers) who use capital to produce goods and have no ownership of the capital. Capitalists pay the labourers the wages (money), not with the products the labourers produce. The labourers use that money to purchase the goods they want. In this way, no-one who purchases goods (the consumer) has any real connection to those goods.
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