Term Quiz - Reforming the Industrial World

He was a German journalist who introduced the world to a radical type of socialism.

• Karl Marx

• Bill Gates

• Adam Smith

• Thomas Jefferson

He argued there were three laws of economics.

• Jeremy Bentham

• Karl Marx

• Adam Smith

This is the economic policy of letting

owners of industry and business set working conditions without interference.

• Hands Off

• Capitalism

• Socialism

• Laissez Faire

This is the theory that states people should judge ideas, institutions, and actions on the basis of their util-

ity, or usefulness.

• Utilitarianism

• Socialism

• Capitalism

• Anarchy

This is an economic system in which the factors of

production are privately owned and money is invested in business ventures to make

a profit. These

• Communism

• Capitalism

• Laissez Faire

This economic theory states that the factors of production are owned by the public and operate for the welfare of all.

• Government

• Utilitarianism

• Capitalism

• Socialism

What is the law of self-interest?

• People are selfish

• People work for their own good.

• People will always help their friends

• People usually don't like to work.

What is the law of competition?

• Competition forces people to make a better product.

• Competition will drive down the quality of products.

• Companies should not compete with one another.

• Competition should be avoided at all costs.

What is the law of supply and demand?

• People demand the best products.

• The supply of products never meeds the demand.

• Demand always determines the price.

• Enough goods would be produced at the

  lowest possible price to meet demand in a market economy.