Industrial Revolution Economic Systems Flashcardizz

Front

Which Economic system is the U.S. based on? Options: Socialism, Communism, Capitalism, Utilitarianism

Back

Capitalism

Front

The "father" of Communism & the author of Das Kapital & the Communist Manifesto...

Back

Karl Marx

Front

Author of "The Wealth of Nations" & father of capitalism...

Back

Adam Smith

Front

In a command economy, who owns the factors of production?

Back

The government

Front

Karl Marx warned that Industrial Revolution society would be marked by...

Back

conflict between the owners of the means of production & the working class

Front

In which economic system is the goal to make a profit? Options: socialism, utilitarianism, capitalism, communism

Back

capitalism

Front

This economic system calls for private ownership of business...

Back

capitalism

Front

Under which philosophy is government not involved in the economy? Options: socialism, utilitarianism, communism, laissez faire

Back

laissez faire

Front

Belief that an idea is only as good as it is useful

Back

utilitarianism

Front

Under laissez faire policy, who determines the working conditions in factory or business?

Back

The owner