What economic system is characterized by private ownership of the means of production and operates for profit?
1700's Industrialism

Quiz
•
Social Studies
•
10th Grade
•
Easy
Patrick Fairchild
Used 30+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Socialism
Capitalism
Communism
Feudalism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term describes a political and economic theory advocating for community or state ownership of production and distribution of goods?
Capitalism
Socialism
Mercantilism
Liberalism
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the philosopher known for his critique of capitalism and his role in developing the theory of communism?
Adam Smith
Karl Marx
John Locke
Thomas Malthus
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes the process by which a society transforms from agrarian to industrial, often leading to the growth of cities?
Urbanization
Globalization
Colonization
Industrialization
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which system involves the production of goods in a home or small workshop, often preceding the factory system?
Factory System
Cottage Industry
Mass Production
Assembly Line
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What innovation, developed by James Watt, was crucial to the advancements of the Industrial Revolution?
Steam Engine
Electric Motor
Internal Combustion Engine
Water Wheel
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which concept refers to the specialization of tasks within a production process, leading to increased efficiency?
Division of Labor
Mass Production
Interchangeable Parts
Automation
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