Economic Concepts and Historical Impacts

Economic Concepts and Historical Impacts

Assessment

Interactive Video

History, Social Studies, Business

9th - 12th Grade

Hard

Created by

Aiden Montgomery

FREE Resource

The video explores the economic transformations during the Industrial Revolution, highlighting the shift from mercantilism to free market economics influenced by Adam Smith's 'The Wealth of Nations'. It discusses the criticisms of free market capitalism by figures like Jeremy Bentham and Friedrich List. The rise of transnational corporations, such as the Hong Kong and Shanghai Banking Corporation and Unilever, is examined, along with innovations in banking and finance like stock markets and limited liability corporations. The video concludes with the societal impacts, including a rising middle class and improved living standards.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic system replaced mercantilism during the Industrial Revolution?

Feudalism

Socialism

Free Market Economics

Barter System

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who was a major critic of mercantilism and advocated for laissez-faire policies?

Karl Marx

Adam Smith

John Maynard Keynes

Milton Friedman

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economist argued for government intervention to address social issues caused by free market capitalism?

Thomas Malthus

Adam Smith

Jeremy Bentham

David Ricardo

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the Zollverein?

A German customs union

A British trade policy

An American economic plan

A French industrial strategy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which company was established to manage British imperial ventures in Asia?

East India Company

Standard Oil

Dutch East India Company

Hong Kong and Shanghai Banking Corporation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was a key feature of limited liability corporations?

Mandatory profit sharing

Unlimited financial risk for owners

Government ownership

Protection of owners' financial investments

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did stock markets contribute to industrial capitalism?

By limiting corporate growth

By providing a platform to raise funds

By enforcing government regulations

By reducing trade barriers

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