Social Psychology (10th Edition)
Social Psychology (10th Edition)
10th Edition
ISBN: 9780134641287
Author: Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers
Publisher: Pearson College Div
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Question
What type of government is this (features) of this economic system? economic system associated with? What is the historical context? What are the defining characteristics (List 2 for each) Society (Location)? 4. Capitalism (also known as a market economy) Time Period (not dates)?
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Transcribed Image Text:What type of government is this (features) of this economic system? economic system associated with? What is the historical context? What are the defining characteristics (List 2 for each) Society (Location)? 4. Capitalism (also known as a market economy) Time Period (not dates)?
4. Capitalism Capitalist economies are associated with the democratic types of governments, and with countries such as England, France and the United States but also throughout the world (society). Before this was mercantilism. The capitalist economy is also known as a market economy. Capitalism is an economic system where individuals control businesses, instead of the government. Adam Smith developed the idea for capitalism in his 1776 (time period) book, The Wealth of Nations (during the Industrial Revolution). In capitalism, the types of resources used are determined by supply and demand. In other words, if a business owner thinks that there is demand for a particular kind of good, he will supply it. The price of that good depends on how much of the good is available in the market and how much demand there is for it. So the business owner (not the government) decides how many goods will be made, what resources are needed to make this resource and how much of the good will be sold. Then, he may keep the profits from his sales and produce more goods. According to capitalism, government should not interfere in the sale and free trade of goods. For this reason, capitalism goes along with democratic types of government, where people have many types of freedoms. A capitalist economy is usually tied with industrialization, where goods are made in factories (instead of by hand) to minimize the cost of producing those goods.
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Transcribed Image Text:4. Capitalism Capitalist economies are associated with the democratic types of governments, and with countries such as England, France and the United States but also throughout the world (society). Before this was mercantilism. The capitalist economy is also known as a market economy. Capitalism is an economic system where individuals control businesses, instead of the government. Adam Smith developed the idea for capitalism in his 1776 (time period) book, The Wealth of Nations (during the Industrial Revolution). In capitalism, the types of resources used are determined by supply and demand. In other words, if a business owner thinks that there is demand for a particular kind of good, he will supply it. The price of that good depends on how much of the good is available in the market and how much demand there is for it. So the business owner (not the government) decides how many goods will be made, what resources are needed to make this resource and how much of the good will be sold. Then, he may keep the profits from his sales and produce more goods. According to capitalism, government should not interfere in the sale and free trade of goods. For this reason, capitalism goes along with democratic types of government, where people have many types of freedoms. A capitalist economy is usually tied with industrialization, where goods are made in factories (instead of by hand) to minimize the cost of producing those goods.
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