3 Industrial Revolution Quiz 2-Capitalism

What is an economic system?

• system of production and exchange of goods and services

• system of labor based on the needs of citizens

• system of ownership where stock is help by investors

• system of corporations that are designed to control the market

There were three major economic systems during the Industrial Revolution, they were:

• Mercantilism, Socialism and Capitalism

• Capitalism, Communism and Competitive Markets

• Communism, Socialism and Utilitarianism

• Capitalism, Socialism and Communism

Capitalism is based on:

• ownership and competition

• collaboration and competition

• government intervention and support

• shared wealth and resources

Who is associated most closely with the idea of "Capitalism"?

• Karl Marx

• Adam Smith

• Karl Rove

• John Adams

Capitalism is based on the idea of a "Free ___________"

• Market

• Government

• Society

• Rights

"Survival of the fittest" is often associated with which economic system?

• Communism

• Capitalism

• Socialism

• Mercantilism

Capitalism can be dangerous because there is no...

• safety net

• worker assistance

• collective bargaining

Capitalism is said to create a

• perfect society

• gap between the rich and poor

• unfair taxes on businesses

• closed market with many regulations

The motivation for profit can lead to these under capitalism (select all that apply)

• unsafe working conditions

• environmental impacts

• better wages

• good benefits

Which of these is not one of the three major economic systems during the Industrial Revolution?

• Mercantilism

• Capitalism

• Socialism

• Communism