Economic Systems

What major event led to the development of the economic systems?

• Laissez Faire

• The Industrial Revolution

• The Enlightenment

• The Agricultural Revolution

Which of the following was NOT a positive outcome of the Industrial Revolution?

• Created jobs for workers

• Cities experienced growth

• Pollution

• Expanded educational opportunities

Which of the following was a negative outcome of the Industrial Revolution?

• Pollution

• Child Labor

• Sickness/Disease

• All of the above

Which economic system is based off of "laissez-faire economics"?

• Communism

• Socialism

• Capitalism

List the three economic systems in order from the MOST amount of poverty to the LEAST amount of poverty.

• Capitalism, Socialism, Communism

• Communism, Socialism, Capitalism

• Socialism, Capitalism, Communism

• Capitalism, Communism, Socialism

Which economic system outlawed religion?

• Socialism

• Communism

• Capitalism

• None

In which economic system does the public own the factors of production and operate them for the welfare of all?

• Capitalism

• Communism

• Socialism

Who developed the idea of communism?

• Karl Marx

• Benjamin Franklin

• Adam Smith

• Alexander Hamilton

The free-market system of capitalism was defined in the book The Wealth of Nations by who?

• Karl Marx

• Walter Cronkite

• Adam Smith

• John Locke

The process of developing machine production goods is called _________________________.

• Industrialization

• Agriculture

• Manual Labor

• Laissez-Faire