Chp. 25 Test

​ (a)   is a form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses— would be owned by the people.  Private property would in effect cease to exist.  All goods and services would be shared equally.

• Communism
• Capitalism
• Socialism
• Laissez Faire

​ (a)   is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.

• Capitalism
• Communism
• Laissez Faire
• Socialism
• Corporation

​ (a)   is where the factors of production are owned by the public and operate for the welfare of all.

• Socialism
• Capitalism
• Communism
• Corporation
• Strike

​ (a)   is a business owned by stockholders.

• Corporation
• Stock
• Unions
• Capitalism

Facing long hours, harsh working conditions and low pay….factory workers joined together to form a ​ (a)   .

• Union
• Strike
• Entrepreneur
• Communism

​ (a)   is a person who organizes, manages, and takes on the risks of a business.  A person who starts their own business.

• Entrepreneur
• Utilitarianism
• Corporation
• Laissez Faire

​ (a)   is the economic policy of letting owners of industry and business set working conditions without interference.  “Let people do as they please”

• Laissez Faire
• Capitalism
• Socialism
• Corporation
• Utilitarianism

In the middle ​ (a)   the ​ (b)   Revolution transformed the way people worked.  This refers to the greatly increased output of ​ (c)   made goods.  It began in England and would spread throughout Europe and eventually to North America.

• 1700s
• Industrial
• machine
• 1200s
• Scientific
• handmade

A man named ​ (a)   was a scientific farmer that realized the old way of scattering seeds to grow was wasteful.  Tull invented the ​ (b)   in 1701, this allowed farmers to sow seeds well spaced out at a specific depth. 

• Jethro Tull
• Seed Drill
• Karl Marx
• Samuel Slater
• Cotton Gin

The process of _______ ________ was an improvement on the older medieval method of the 3 field system.  Now a farmer would plant one crop this year and a total different crop the next year to keep nutrients in the ground.