3 Industrial Revolution Flashcard 2-Capitalism

Front

What is an economic system?

Back

system of production and exchange of goods and services

Front

There were three major economic systems during the Industrial Revolution, they were: Mercantilism, Socialism and Capitalism, Capitalism, Communism and Competitive Markets, Communism, Socialism and Utilitarianism, Capitalism, Socialism and Communism

Back

Capitalism, Socialism and Communism

Front

Capitalism is based on: ownership and competition, collaboration and competition, government intervention and support, shared wealth and resources

Back

ownership and competition

Front

Who is associated most closely with the idea of "Capitalism"?

Back

Adam Smith

Front

Capitalism is based on the idea of a "Free ___________"

Back

Market

Front

"Survival of the fittest" is often associated with which economic system? Options: Communism, Capitalism, Socialism, Mercantilism

Back

Capitalism

Front

Capitalism can be dangerous because there is no...

Back

safety net

Front

Capitalism is said to create a

Back

gap between the rich and poor

Front

Which of these is not one of the three major economic systems during the Industrial Revolution?
Options:
Capitalism
Socialism
Communism

Back

Mercantilism