
Capitalism Flashcard
Flashcard
•
History
•
12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Who is known as the "Father of Capitalism"?
Back
Adam Smith
2.
FLASHCARD QUESTION
Front
What book did Adam Smith write?
Back
The Wealth of Nations
3.
FLASHCARD QUESTION
Front
What is the key principle of "Laissez-faire" economics?
Back
Government should keep its “hands off” business
4.
FLASHCARD QUESTION
Front
According to Adam Smith, what sets prices in a free-market economy?
Back
Market forces (the invisible hand)
5.
FLASHCARD QUESTION
Front
Which of the following is NOT an element of Capitalism? Private property, Minimal government regulation, Shared ownership of property
Back
Shared ownership of property
6.
FLASHCARD QUESTION
Front
Which philosopher wrote "The Communist Manifesto" in 1848?
Back
Karl Marx
7.
FLASHCARD QUESTION
Front
What is Communism characterized by?
Back
State control of the economy
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