Laissez-Faire Economics Concepts

Laissez-Faire Economics Concepts

Assessment

Interactive Video

History, Business, Social Studies

9th - 12th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video explores the concept of a laissez-faire economy, emphasizing minimal government intervention in business. It traces the history of laissez-faire from the 18th century, highlighting its principles and challenges. The video discusses criticisms, including economic disparities and lack of protection for vulnerable groups. It presents the pros and cons of laissez-faire, such as fostering innovation but potentially leading to unethical practices. The video also covers the literal meaning of laissez-faire, examples, and its impact on society, concluding with a debate on its overall benefits.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the core idea behind laissez-faire economics?

Government should control all business activities.

Limited government intervention benefits society.

Businesses should be nationalized.

Government should set all prices.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT rejected by laissez-faire economists?

Trade restrictions

Minimum wages

Corporate taxes

Free market competition

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who were the physiocrats?

A group of British industrialists

German philosophers promoting socialism

French thinkers advocating free markets

American economists supporting tariffs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was a significant challenge faced by early laissez-faire policies?

Overproduction of goods

Excessive government control

Lack of scientific principles

Poor harvests leading to scarcity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major criticism of laissez-faire economics?

It promotes too much government intervention.

It lacks protection for vulnerable populations.

It encourages excessive taxation.

It leads to overregulation of businesses.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who was a prominent critic of laissez-faire economics in the 20th century?

Adam Smith

David Ricardo

John Maynard Keynes

Jean-Baptiste Colbert

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one advantage of laissez-faire economics?

It guarantees consumer protection.

It eliminates all forms of competition.

It fosters innovation and individual responsibility.

It ensures equal wealth distribution.

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