Industrial Revolution, part III: New Ideas in a New Society

What is an entrepreneur?

• someone who lives in a company town
• someone who starts a business
• someone who has a monopoly
• someone who is sucessful

Economist _______ argued for a free market in which businesses could operate with few government rules.

• George Washington

• Adam Smith

• George III

What statement best describes the Industrial Revolution?

• Important inventions suddenly changed life all across Europe

• There was a gradual change in the way people lived and worked.

• The method of production changed, from machines to hand tools

• It destroyed farming and agriculture and created industry

John D. Rockefeller became a magnate of the __?__

• Oil industry
• Railroad industry
• Cotton industry
• Steel industry

Which of the following best describes the idea that government should not interfere with or regulate industries and business?

• Utilitarianism
• Socialism
• Laissez Faire
• Capitalism

Who wrote Wealth of Nations and supported Laissez-Faire economics?

• Adam Smith
• David Ricardo
• Thomas Malthus
• John Wesley

A system in which the people as a whole rather than private individuals own all property and operate all business. 

• Socialism 
• Capitalism 
• Isolationism
• Urbanization 

Economic system in which the means of production are privately owned and operated for profit. 

• Capitalism 
• Free Market Enterprise
• Wealth of Nations
• Command Economy 

What group would be most likely to encourage poor workers to rebel against factory owners?

• Capitalists

• Communists

• Utilitarians

• Economists

Why might some people use the term "Robber Barons" to describe business leaders like Carnegie, Rockefeller, and Morgan?

• They helped build America during the Industrial Age.
• They used unfair business practices and did not treat workers well.
• They believed in giving away money to charity.
• They believed only the strong should survive.