Chapter 7 - Industrial Rev Review

The benefits of interchangeable parts are that it makes building the factory machines easier and more efficient, making the assembly of the item is more efficient, and it ...

• made the item able to be custom made

• made repairs easier

• made totally unique items

• made items more expensive

Small farms were combined into large farms, which allowed for efficient farming methods which resulted in more food to feed the people in the cities. What was this called?

• Collectivisation

• Enclosure Movement

• Industrialization

• Cottage Industry

A woman spins cotton on her spinning wheel to make yarn to sell. What is this an example of?

• Industrialization

• Mass Production

• Assembly Line

• Cottage Industry

You have an idea for a new product that doesn't exist yet; or an idea for a unique improvement on an existing product. You want to make this product and sell it. What title would you be called?

• Worker

• Manager

• Entrepreneur

• Planner

Land, labor, and capital are the ...

• Factors of success

• Rules for success

• Factors of production

• Socialism

Socialism suggests that the government should control the means of production and Communism suggests that the government should control the means of production AND command the economy.

• True

• False

This philosopher argued that the proletariat should rise up and take control of the government; also known as the dictatorship of the proletariat.

• Karl Marx

• Robert Owen

• Adam Smith

• Robert Engles

If socialism is the government owning means of production and people not having any private ownership, then what economic theory is its opposite?

• Communism

• Laizzes-faire economics

• Socialism

• Russian Communism

Who was best known for his success in the steel business as well as his drive to give to those less fortunate?

• Vanderbilt

• Rockefeller

• Carnegie

• Malthus

Adam Smith believed that the economy should be left alone and free of government intervention. He called this style of economics ...

• Lazy Fair

• Laissez-faire

• communism

• socialism