World - Industrial Revolution

Front

In the 1700s, the process of enclosure tended to increase

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farming efficiency, by allowing farmers to experiment with new tools and methods on larger farms.

Front

The first efficient steam engine that could be located away from the coal fields was developed by…

Back

James Watt

Front

An individual who takes a risk to start a business in order to earn a profit is known as an:

Back

entrepreneur

Front

Of the three natural laws of economics proposed by Adam Smith, which one makes for better, cheaper products?

Back

Law of competition

Front

This type of economy is called a "substance" economy because people only make what they need.

Back

Traditional Economy

Front

Which statement correctly describes the role of the government in a country with a mixed economy?

Back

The government makes some production and distribution decisions, but other economic decisions are made by individuals.

Front

How has the economy of this country changed? Options: From a traditional economy to a command economy, From a mixed economy to a market economy, From a command economy to a mixed economy, From a market economy to a traditional economy

Back

From a command economy to a mixed economy

Front

Economic systems answer the question of how goods and services are produced. What is one way a country could change from a command economy to a market economy? Options: if agricultural and factory workers are required to join labor unions, if privately owned banks become subject to stricter regulation, if industries that had been owned by the government become privately owned, if the government takes control of family-owned farms.

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if industries that had been owned by the government become privately owned.

Front

All of the following are true of capitalism EXCEPT…
It closes the gap between the rich and poor.
It allows individuals the freedom to take risks and earn profits.
It creates winners and losers in the economy.
The means of production are owned by private individuals.

Back

It closes the gap between the rich and poor.

Front

Which of the following was NOT one of Adam Smith’s key economic ideas?
Competition leads to lower prices and higher quality products.
The government should closely regulate business to ensure economic stability.
People, if allowed, will work for their own self-interest, doing what they do best.
Supply and demand are what best determine how resources are distributed.

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The government should closely regulate business to ensure economic stability.