15-4 Vocab

He was a German journalist who introduced the world to a radical type of socialism.

• Karl Marx

• Bill Gates

• Adam Smith

• Thomas Jefferson

He argued there were three laws of economics.

• Jeremy Bentham

• Karl Marx

• Adam Smith

This is the economic policy of letting

owners of industry and business set working conditions without interference.

• Hands Off

• Capitalism

• Socialism

• Laissez Faire

This is the theory that states people should judge ideas, institutions, and actions on the basis of their util-

ity, or usefulness.

• Utilitarianism

• Socialism

• Capitalism

• Anarchy

This is an economic system in which the factors of

production are privately owned and money is invested in business ventures to make

a profit. These

• Communism

• Capitalism

• Laissez Faire

This economic theory states that the factors of production are owned by the public and operate for the welfare of all.

• Government

• Utilitarianism

• Capitalism

• Socialism

Which of the following is the correct definition of the union?

• A group of factory owners to gather together to set prices.

• A group of workers who gather together to support each other.

• A group of workers who gather together to form a commune.

• A group of factory owners who gather together to lobby for reforms.

Industry led to unions because...

• Industrial Capitalist finally allowed them to form
• Once there were enough workers, they organized unions
• Bad working conditions and low pay finally forced workers to strike
• They wanted a way to socialize and discuss occupational topics

People overthrow their government, but no ruler takes charge. Without leadership, the nation is in chaos. What is this situation called? 

• autocracy
• oppression 
• anarchy
• revolution

What was originally the central idea of Communism?

• free communication for everyone

• communal ownership of means of production

• all factories and land would be destroyed

• oppression of the rich by the poor