​Copy down fig 4-9 and fig 4-15 from your text books

the division of a society into different classes of people, usually based on income or wealth.

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​class system

an ideology that is based on the belief that the rights and freedoms of the individual should be the foundation of society. 

​classical liberalism

how the wealth and income generated by an economy are divided or shared among the different groups that makeup a society. 

​distribution of wealth

an alliance of six First Nations:  Mohawk, Oneida, Onondaga, Cayuga, Seneca and Tuscarora.

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​Haudenosaunee Confederacy

an influential British political thinker whose essay On Liberty (1859) is seen as one of the most important origins of liveral thought. 

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John Stuart Mill (1806-1873)

a French term meaning “leave alone”.  A laissez-faire economy is one in which government does not intervene in the free market; also called laissez-faire capitalism or free-market economy; related to classical liberalism. 

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​laissez-faire capitalism

a form of government in which the rights and freedoms of the individual are guaranteed, including the right of individuals to vote for the political leaders of their country.

liberal democracy

an ideology based on the importance of individual liberty and the values of individualism (including individual rights and freedoms, self-interest, competition, economic freedom, rule of law and private property.

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liberalism

the principle of minimal government intervention in the lives of individuals and in the workings of an economy. 

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​limited government

an economic system, common in Europe from the 1500s to the 1700s, based on the beliefs that a country should export more goods than it imports, accumulate wealth in gold and silver, and protect its economy by taxing and setting quotas on imports.

mercantilism

companies with exclusive ownership or control of trade in a particular product or service, allowing them to control prices. 

​Monopoly

forces in a free-market economy whereby producers determine what and how much to produce (supply) to meet consumers’ demand for these goods; how the price of goods is determined in a free-market economy. 

Supply Vs Demand

The Haudenosaunee