The principle of laissez-faire states that

government should not interfere in the economy

all citizens of a certain age should have the right to vote

government should control all aspects of business

workers should have the right to strike

Why do you think Thomas Malthus urged families to have fewer children?

He believed that population would outpace the food supply

Children were a burden to the state

He believed as population grew, the economy declined

Karl Marx believed that

In order for there to be equality, capitalism must be destroyed

That the government should NOT be involved in business at all

That the population would soon outgrow the amount of food produced

That if people are paid high wages then they will have more children

According to Marx, establishing a society based on cooperation and equal distribution of wealth would require

a revolution by the factory owners

development of a wealthy industrial class

Which of the following conditions during the Industrial Revolution supported Karl Marx’s ideas?

There were a few wealthy business people while the majority of people were poor.

More material goods were available.

People were no longer threatened by famine

People left the countryside and moved to the cities

Socialism is the political and economic system in which…

The people as a whole control the means of production, rather than individuals

Individuals, rather than the government, control the means of production

The government owns the means of production, but individuals operate them

The government controls and operates the means of production

Capitalism is the economic system in which

individuals rather than the government control the means of production

the government owns the means of production and operates them for the welfare of all the people

the profit motive and competition in business are completely eliminated

people retain partial control over economic planning through the election of government officials

Economic Systems

Authored by Colby Phillips

History

9th - 12th Grade

30 Questions

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MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The economic policy favored by industrial leaders

Capitalism

Socialism

Communism

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Command Economy - the government controls all economic activity

Capitalism

Socialism

Communism

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Ricardo, Malthus, Smith

Capitalism

Socialism

Communism

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The public as a whole control the means of production for the benefit of all people rather than individuals

Capitalism

Socialism

Communism

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goal: To achieve material equality by promoting a more equal distribution of wealth

Capitalism

Socialism

Communism

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Wanted the workers to control the government and society

Capitalism

Socialism

Communism

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Goal: To make a profit in the free-market

Capitalism

Socialism

Communism

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Economic Systems

The economic policy favored by industrial leaders

Command Economy - the government controls all economic activity

Ricardo, Malthus, Smith

The public as a whole control the means of production for the benefit of all people rather than individuals

Goal: To achieve material equality by promoting a more equal distribution of wealth

Wanted the workers to control the government and society

Goal: To make a profit in the free-market

Robert Owen

Would move away from capitalism more gradually and by democratic means (laws)

Karl Marx

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