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Question
what is capitalism?
what did smith say was the main purpose of government?
| from | thomas hobbes | john locke |
|---|---|---|
| list one famous book | ||
| what did this person say about the role of government? |
queen victoria was from what country?
born? died?
how long was she queen for?
during what revolution was she in power?
what colonies did her country acquire during her reign as queen?
during the industrial revolution, why did children as young as 5 years old work in factories and mines?
if a child was injured in a factory or mine, what usually happened to them?
list two laws passed in great britain during the 1800’s that limited the hours of children working in mines and factories:
1. What is capitalism?
Capitalism is an economic system where private individuals or businesses own capital goods. The production of goods and services is driven by the profit motive, with prices, production, and distribution determined by free markets (supply and demand). It emphasizes private property, competition, and the accumulation of capital.
Adam Smith, in "The Wealth of Nations", stated that the main purposes of government were to protect national security (defend against foreign threats), enforce justice (protect private property and ensure contracts are upheld), and provide public goods (like infrastructure) that the market might not adequately supply due to non - excludability or non - rivalry.
Queen Victoria was from the United Kingdom (specifically, she was the monarch of the United Kingdom of Great Britain and Ireland).
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An economic system where private entities own capital goods, production is profit - driven, and markets (supply - demand) determine prices, production, and distribution, emphasizing private property, competition, and capital accumulation.