Industrial Revolution Vocab

Front

Free Enterprise is the

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economic system where private business competes largely free of state control.

Front

Karl Marx is

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a German philosopher, economist, historian, sociologist, political theorist, journalist, and socialist revolutionary.

Front

Socialism advocates that the means of production, distribution, and exchange should be owned or regulated by the government.

Back

True

Front

State ownership in a communist system includes all capital: land, machines, buildings, and infrastructure.

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communism

Front

Change from agrarian and handicraft economy to one dominated by industry and machine manufacturing.

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Industrial Revolution

Front

Economic and political system where trade and industry are controlled by private owners for profit, not by the state.

Back

capitalism

Front

Policy of allowing things to proceed without interference.

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laissez faire

Front

"Invisible hand" theory

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Individual actions guided by public economic needs.

Front

Before the Industrial Revolution, merchants dropped off raw goods and collected completed materials. This is known as:

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domestic system

Front

Supply is how much producers offer; demand is how much consumers want. This is the Law of Supply and Demand.

Back

True