Adam Smith & Laissez-Faire Capitalism

This social class grew during the Industrial Revolution. 

• Lower Class
• Middle Class
• Upper Class
• None grew

Laissez-faire means...

• natural rights
• iron law of wages
• let it happen
• tabula rasa

Who developed laissez-faire economics as a en economic philosophy? 

• Adam Smith
• Karl Marx
• John Locke
• Louis XVI

Adam Smith attacked this economic theory that meant one's power was based on one's wealth...

• Capitalism
• Socialism
• Mercantilism
• Communism 

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest
• compassion
• citizenship
• trustworthiness 

While Adam Smith believed that the government should be involved in all of the following areas EXCEPT: 

• military
• property 
• business
• nothing at all

Who argues that if workers were paid more, they would have more children 7 create a surplus of labor that would result in the poverty of all workers? 

• Adam Smith
• Karl Marx
• Richard Arkwright
• David Ricardo 

All of the following are negative effects of laissez-faire economics EXCEPT...

• wealthy nation
• child labor
• city slums
• neglected education 

All of the following are factors of production EXCEPT:

• Land
• Labor
• Capital
• Technology

During our experiential, the students who were playing rock, paper, scissors symbolized what factor of production? 

• Land
• Labor
• Capital
• Entrepenuership