Major

• The first major work on capitalism was written by _ in 1776, Inquiry into the Nature and Causes of the Wealth of Nations.

  Adam Smith
• What year did Adam Smith write his book entitled "Inquiry into the Nature and Causes of the Wealth of Nations"

  1776
• What is the title of the book that Adam Smith wrote

  Inquiry into the Nature and Causes of the Wealth of Nations
• What is the two main ingredients of a capitalist society

  Capitalists and Laborers
• owned the capital or means of production

  Capitalists
• are the one who produced goods out from the raw materials provided by the capitalists.

  Laborers
• They usually work for money rather than for a share of what they’re producing.

  Laborers
• is more than an economic system. It’s an entire ideology centered around the idea of the individual’s right to choose his work, his goals, and his life’s details.

  Capitalism
• is based on the relationships between the capitalists, the consumers, and the laborers.

  Capitalism
• determine the production and distribution without government involvement, and the economy and the government remain separate

  Markets
• The first major work on capitalism was written by Adam Smith in 1776, what book is it

  Inquiry into the Nature and Causes of the Wealth of Nations.
• What are the factors of a capitalist society?

  Individualism, Market economy, Decentralization, Links between demand and Supply, Competition, and Profit
• Individuals, rather than the state, own the means of production such as land, machinery, natural resources and factories.

  Individualism
• An economic system where the production and distribution of goods and services are primarily determined by supply and demand in a competitive market.

  Market economy
• In this system, private individuals and businesses own and control the means of production, and economic decisions are guided by self-interest and profit motives.

  Market Economy
• Lack of central regulation

  Decentralization
• The state does not tell people where and when to work, how much to charge for their labor, what to do with their money, and what they should be producing at their job.

  Decentralization
• is the fundamental relationship that drives a market economy

  Link between demand and supply
• represents the quantity of a good or service that consumers are willing and able to buy at various prices

  Demand
• refers to the quantity of that good or service that producers are willing and able to sell at different prices

  supply
• the price of a product or service decreases, it typically leads to an

  increase in demand
• when the price rises, demand tends to

  decrease
• The interactions between the buyers and sellers that determines the price of goods and services rather than the state or a private monopoly.

  Competition
• The interactions between the __ that determines the price of goods and services rather than the state or a private monopoly.

  buyers and sellers
• refers to the rivalry between businesses or individuals seeking to satisfy the same consumer needs or desires. It is a fundamental aspect of market economies and plays a crucial role in determining prices, quality, and innovation.

  Competition
• have the freedom to choose among them based on factors such as price, quality, and convenience.

  buyers
• drives businesses to improve their products, lower prices, and enhance customer service to attract and retain customers

  competition
• fuels competition not only between companies, but between entire economies.

  Research
• Competition creates fervent 


  Researchers
• is a system based on profit and consequently, on losses. When one person, company, o state makes an enormous profit, there is always someone who has lost out. (That’s why it is unstable and the competition is very stiff.)

  capitalism
• A motive for economic activity and a mechanism for resource allocation and wealth creation.

  Profit
• It shapes the behavior of businesses, entrepreneurs, and investors, and plays a crucial role in driving the dynamism and efficiency of capitalist economies.

  Profit
• He believed in the individuality of everyone

  St. Thomas Aquinas
• believed that it was natural for men to hold private property because of these three reasons: - First, men will more reliably attempt to secure something for themselves than they would for the public use. - Secondly, people conduct themselves more orderly and responsibly when it concerns their personal effects and properties. - Thirdly, if everyone is content with what they have, peace will be more secure than if everyone were sharing but feeling discontent due to not having control over what they possess

  St. Thomas Aquinas
• He believes that When things are in private hands, they are easier to share with those who have less. This belief made it acceptable for men to be richer than others and to separate their wealth

  St. Thomas Aquinas
• believed that a man’s place in society was not necessarily a struggle against his neighbors (He disagreed with Plato)

  John Locke
• Who disagrees with Plato

  John Locke
• felt that the government had no place in the economic sector.

  John Locke
• should exist only to protect people from injustice against the state and against the people

  Government
• He believes that government should exist only to protect people from injustice against the state and against the people

  John Locke