Checkpoint | Topic 3b(1) - Jefferson and the Rise of Capitalism

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Economic system based on the concept of private owners of businesses making decisions about business, economics, and trade; not the government.

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Capitalism

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What type of economic policy did Thomas Jefferson support as President?

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Capitalism also known as aFree Market Economy

Tags

CA.8.4.3.

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Which book by Adam Smith introduced the ideas of free markets and minimal government interference?

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The Wealth of Nations

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CA.8.4.3.

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What was a key difference between Thomas Jefferson's economic policies and those of the Federalists?

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Jefferson favored minimal government involvement in economic matters.

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CA.8.4.3.

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What concern did Adam Smith have regarding the behavior of capitalists in a free market?

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The potential for unethical practices driven by greed, immorality, and the formation of monopolies.

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CA.8.4.3.

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Economic problem identified by Adam Smith with capitalism?

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Creation of monopolies

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CA.8.4.3.

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Which of the following best describes the Federalists' approach to the economy? Laissez-faire capitalism, Government promotion of trade and manufacturing, Complete government control of the economy, Isolation from international trade

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Government promotion of trade and manufacturing

Tags

CA.8.4.3.

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What is a primary distinction between mercantilism and capitalism according to Jefferson's perspective?

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Mercantilism emphasized state control over trade activities.

Tags

CA.8.4.3.