Capitalism and Democracy

Published on Apr 12, 2016

vocabulary from article

PRESENTATION OUTLINE

Capitalism & Democracy

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Invisible Hand

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Adam Smith's principle that a buyer and a seller are guided by an "invisible hand" to enter the market w/o interferrence from the government

Laissez-faire

"Let it be."
If the government stays out of the way, business will do what's best for consumers.

Innovation

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The process of creating or improving

Incentive

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A reward to inspire someone to accomplish something of value

Fiscal

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Pertaining to financial matters

A substitute,
to stand in for

Inherent

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  • Naturally part of from the beginning
  • born with
  • built into

Entrepreneurialism

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  • taking the risk of failing
  • daring to make a profit
  • innovation

Monopoly

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the exclusive (sole) possession or control of the supply or trade in a good or service.

Meritocracy

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System that rewards based solely on merit or achievement

That's It

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Ed Snavely

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