43b

Wrote the Wealth of Nations

• Karl Marx

• Adam Smith

Prices are determined by "the invisible hand" of supply and demand

• Karl Marx

• Adam Smith

Critical of capitalism

• Karl Marx

• Adam Smith

Believed that industrialization and the factory system has hurt workers and society

• Karl Marx

• Adam Smith

Wrote the Communist Manifesto and Das Kapital

• Karl Marx

• Adam Smith

Which idea is most closely associated with laissez faire economics?

• communes

• trade unionism

• subsistence agriculture

• free trade

Adam Smith’s Wealth of Nations stressed the importance of

• tradition

• supply and demand

• large corporations

• government ownership

Which characteristic is associated with an economy based on the principles of laissez-faire?

• prices based on supply and demand

• production quotas established by the central government

• distribution of goods determined by the customs of a traditional society

• some goods exchanged for other goods of equal value

In The Communist Manifesto, Karl Marx and Friedrich Engels expressed the idea that

• religion should be the most important factor in society

• power should be determined by a person’s wealth

• profits from work should belong to the workers

• supply and demand should control prices

Which two major ideas are contained in the

writings of Karl Marx?

• survival of the fittest and natural selection

• class struggle and revolutionary change

• separation of powers and checks and balances

• monotheism and religious tolerance