Industrial Revolution Economics Vocabulary

These organizations represent the interests of workers.

• Workers' Rights

• Labor Unions

• Collective Bargaining

• Worker Strikes

This was used to urge employers to raise wages and improve conditions.

• Labor Union

• Collective Bargaining

• Worker Strikes

• Worker Rights

These identical items made the production and repair of factory-made goods more efficient.

• Mass production

• Labor Unions

• The Factory System

• Interchangeable Parts

This is a system where a large number of identical items are produced.

• Assembly Line

• Interchangeable Parts

• Mass Production

• Factory System

The idea that the government should not get involved with business is known as?

• Communism

• Socialism

• Laissez-Faire

• Entrepreneur

Who was the leading advocate of Laissez-Faire economics?

• Thomas Malthus

• Karl Marx

• Andrew Carnegie

• Adam Smith

This person believed that the population would always outgrow food production. Therefore, poverty and misery would never go away.

• Thomas Malthus

• Adam Smith

• Karl Marx

• Andrew Carnegie

This system believes that society or the government should own property and control individuals.

• Capitalism

• Communism

• Socialism

• Feudalism

This system is one in which the government owns all the means of production and controls economic planning.

• Laissez Faire

• Communism

• Socialism

• Feudalism

Communism was proposed by this person:

• Adam Smith

• Thomas Malthus

• Andrew Carnegie

• Karl Marx