Do Now: answer the following T/F Questions & make them true
statements
- ‘The Soviet Union (Russia) is a capitalist country?’
-- ‘The United States of America is a communist country?’
Adam Smith
Capitalism –
Karl Marx
Communism -
Ideas
Laissez-Faire –
Socialism-
Concept
Book
The Wealth of
Nations
The Communist
Manifesto
 Capitalism – economic system where the means of
production are privately owned & operated for a profit
 “Free Market System”
 Laissez-Faire – “leave business alone” – policy in
which government takes a hands off approach to
business & does not interfere
 Communism – economic system in which all wealth
& property is owned by the government
 Socialism – economic system where the people as a
whole own all the property & business
 Read the Handout – Adam Smith meets Karl Marx
 Underline & highlight the important information
 Answer questions 1 – 5 in your notebooks
 Would you rather live in a Capitalist or in a
Communist country?
 Explain your answer in FULL SENTENCES