Free Enterprise and the Industrial Revolution

Match

Match the following

• Free Enterprise

• Socialism

• Communism

Government leaves economy alone

Government regulates economy

Gov. controls all factors of production

• Government leaves economy alone

• Government regulates economy

• Gov. controls all factors of production

Multiple Select

How did the rise of free enterprise lead to the decline of mercantilism? (Pick 2)

• Mercantilism is the economy system in which European governments place limits on their colonies for the benefit of the mother country.

• In the mercantilist system, the mother country determines the price of the raw materials which is interfering with the economy.

• In the mercantilist system, governments do not interfere with the economy. Therefore, the mercantilist system aligns with the free enterprise system.

• The implementation of high tariffs is an example of the government interfering with the economy because it alters the price of goods.

Reorder

Put the following events in chronological order.

• Scientific Revolution

• Technology improved.

• Food became easier and cheaper to produce.

• Average families have extra money left over after buying necessary items.

• Entrepreneurs invest money in new businesses.

1

2

3

4

5

• 1
• 2
• 3
• 4
• 5

Multiple Choice

What is the factory system?

• The transition between producing goods at home to producing goods in a factory.

• The system in which merchants would drop off raw materials at a home and pick up the manufactured product later.

• A system of production where goods are manufactured by machines under one roof, with unskilled labor, using standardized parts.

• A system of production that uses skilled labored to produce higher quality goods for a cheaper price.

Multiple Select

What is a positive effect of the communist system? (Pick 2)

• Friedrich Engels helped develop the communist system after observing poor working conditions in his father's textile factory.

• It eliminated competition between businesses because all businesses are publicly owned.

• It allows for safer working conditions limiting deaths and injuries in factories.

• It allows for families to better provide for their children.

Open Ended

What economic role did Free Enterprise play in the Industrial Revolution?

A: Restate question.

C: An effect of the Free Enterprise system was...

E: The Free Enterprise system caused this because...