Industrial Revolution

The movement where large landowners encircled their land with fences or hedges. This increased their lands and enabled them to cultivate larger fields called what?

What were the factors of production?

• land

• capital

• cotton

• labor

Who of the men below was and entrepreneur that developed the steam engine? (a)  

• James Watt
• Robert Fulton
• Edward Bains
• Cyrus McCormick

Define urbanization

Which of the following groups was NOT a member of the middle class? (a)  

• Stock Traders
• Wealthy Farmers
• Skilled Workers
• Professionals

A business owned by stockholders who share its profits but are not personally responsible for its debts is known as a what?

Define Laissez-faire economics

Which of the following systems was NOT developed during the Industrial Revolution period?

• Capitalism

• Utilitarianism

• Socialism

• Maoism

Adam Smith's 3 natural laws of economics were ​ (a)   , ​ (b)   , and the ​ (c)   .

• Law of Self Interest
• Law of Competition
• Law of Supply and Demand
• Law of Scarcity
• Law of Complexity
• Lay of Imperfection
• La of Imperfection
• Law of Inequality
• Law of Demand

What did Karl Marx write?