Quiz 2 I.R. Reg.

Considered the father of Capitalism and Modern Economics and best known as the author of “The Wealth of Nations”

• Adam Smith
• Richard Arkwright
• Thomas Newcomen
• James Watt
• Richard Trevithick

Purchased a steam engine from James Watt and built the first commercial steamboat to travel upstream called the Clermont

• Robert Fulton
• Adam Smith
• Richard Arkwright
• Thomas Newcomen
• James Watt

Known as the "Father of Railways"

• George Stephenson
• Adam Smith
• Richard Arkwright
• Thomas Newcomen
• James Watt

Founder of modern communism

• Karl Marx
• Adam Smith
• Richard Arkwright
• Thomas Newcomen
• James Watt

The purest form of capitalism, where private individuals may determine where to invest, what to produce, and prices of goods and services without any government restraints.

• Laissez-faire Capitalism
• Mixed Economies Capitalism
• Capitalism
• Free Market System
• Social Democracy

A free market economic system, in which the factors of production are privately owned and controlled

• Capitalism
• Laissez-faire Capitalism
• Mixed Economies Capitalism
• Free Market System
• Welfare State

A economic system that protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims

• Mixed Economies Capitalism
• Laissez-faire Capitalism
• Capitalism
• Free Market System
• Welfare State

An economic system based on supply and demand with little or no government control.

• Free Market System
• Laissez-faire Capitalism
• Mixed Economies Capitalism
• Capitalism
• Welfare State

Nations that use government programs that protect and promote the economic and social well-being of its citizens

• Welfare State
• Laissez-faire Capitalism
• Mixed Economies Capitalism
• Capitalism
• Free Market System

Economic system in which the factors of production are owned by the public/government and not privately

• Socialism
• Capitalism
• Communism
• Stock
• Corporation