Unit 10-11 Review

Select the three correct economic systems

• Imperialism

• Socialism

• Capitalism

• Communism

Economic system where the government and people are involved in the economy and ownership. (aka: Mixed Economy )

• Communism

• Socialism

• Capitalism

Economic System where all means of production are owned by the people, no private business, equally shared. (aka: Command economy )

• Communism

• Capitalism

• Socialism

Economic system that allows private ownership of business, government does not interfere. (aka free enterprise/market economy)

• Communism

• Capitalism

• Socialism

Adam Smith wrote the "Wealth of Nations" and believed the government shouldn't interfere. Which economic system best shares his beliefs?

• Communism

• Socialism

• Capitalism

____ believed in abolishing all private property. His beliefs would have aligned with communism.

• Adam Smith

• Karl Marx

• Thomas Jefferson

The Industrial Revolution lead to increased standard of living, for which social class?

• Upper

• Middle

• Lower

The ____ system was the manufacturing of goods by people working from their homes.

• Factory

• Cottage

____ is a cloth that is flexible and woven.

• polyester

• cloth

• textile

The ___ system is the manufacturing of goods in large buildings with machines.

• Factory

• Cottage