Industrialization Review

What is the economic theory that argues that governments should not interfere with business affairs?

• Laissez-faire

• Mercantilism

• Interventionism

• Protectionism

Who was the philosopher who defended laissez-faire economics?

• The philosopher who defended laissez-faire economics was Adam Smith.

• The philosopher who defended laissez-faire economics was John Locke.

• The philosopher who defended laissez-faire economics was Jean-Jacques Rousseau.

• The philosopher who defended laissez-faire economics was Karl Marx.

What is the economic system in which people invest money to make a profit?

• The economic system in which people invest money to make a profit is known as capitalism.

• The economic system in which resources are equally distributed among all members is known as socialism.

• The economic system characterized by state ownership of production means is known as communism.

• The economic system based on hereditary rankings and land ownership is known as feudalism.

What is the belief that businesses should be owned by society as a whole?

• Socialism

• Capitalism

• Feudalism

• Individualism

Who was the economic thinker who wrote about a radical form of socialism?

• Karl Marx

• Friedrich Engels

• Adam Smith

• John Maynard Keynes

What is the form of socialism in which all production is owned by the people?

• The form of socialism in which all production is owned by the people is known as communism.

• The form of socialism in which all production is owned by the people is known as democratic socialism.

• The form of socialism in which all production is owned by the people is known as market socialism.

• The form of socialism in which all production is owned by the people is known as utopian socialism.

What are organized groups of workers that bargain with business owners to get better pay and working conditions called?

• Labor Unions

• Cooperatives

• Guilds

• Associations

What is an organized refusal to work called?

• An organized refusal to work is called a strike.

• An organized refusal to work is called a protest.

• An organized refusal to work is called a boycott.

• An organized refusal to work is called a walkout.

Capitalism works as an economic system based on

• It is an economic system based on private ownership, market competition, and the profit motive.

• It is an economic system based on communal ownership and central planning.

• It is an economic system where all property is publicly owned.

• It is an economic system governed by tradition and barter trade.

How do capitalism and socialism differ?

• Capitalism relies on private ownership and profit motive, while socialism emphasizes collective ownership and state control.

• Both systems favor private ownership.

• Both systems promote collective ownership.

• Both systems are identical.