Capitalism

Capitalism

Assessment

Flashcard

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Jonathan Calhoun

FREE Resource

Student preview

quiz-placeholder

7 questions

Show all answers

1.

FLASHCARD QUESTION

Front

An economic system based on private businesses owning the means of production for profit.

Back

What is Capitalism?

2.

FLASHCARD QUESTION

Front

A Scottish philosopher & economist, often called the father of Capitalism. In 1776, he wrote 'The Wealth of Nations', a book that laid out the foundational principles of modern capitalism.

Back

Who is Adam Smith?

3.

FLASHCARD QUESTION

Front

Productivity Drives Innovation: The quest to create more products cheaper and faster would lead to investments in innovation.

Back

What is Principle #1 of Capitalism according to Adam Smith?

4.

FLASHCARD QUESTION

Front

Division of Labor: To increase productivity, each person focuses and specializes in one element of producing a good or service.

Back

What is Principle #2 of Capitalism according to Adam Smith?

5.

FLASHCARD QUESTION

Front

The Invisible Hand: The economy will regulate itself based on the demands of the market and the consumer. The self-interest of the consumer to want better products will drive companies to compete to make the best product at the best price.

Back

What is Principle #3 of Capitalism according to Adam Smith?

6.

FLASHCARD QUESTION

Front

The belief that governments should not interfere with the affairs of business or place taxes on trade.

Back

What is Laissez-Faire Economics?

7.

FLASHCARD QUESTION

Front

Relies on businesses to be incorruptible, tends to centralize wealth on the few, and nothing stops companies from attempting to eliminate competition to create a monopoly or take dangerous risks with people's investments.

Back

What are some issues with Capitalism?

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?