Industrial Revolution

Decide which quote supports labor unions:

Quote 1

“The working people find that improvements in the methods of production and distribution are constantly being made, and unless they occasionally strike, or have the power to enter upon a strike, the improvements will all go to the employer and all the injuries to the employees.”

Quote 2

“The strike is apparently hopeless, and must be regarded as nothing more than a rash and spiteful demonstration of resentment by men too ignorant or too reckless to understand their own

interests.”

• Quote 1

• Quote 2

• Both

• Neither

__________________ predicted a violent revolution that would result in the working class taking over in a classless political and economic systems known as communism.

• John Adams

• Thomas Smith

• Karl Marx

• Edward Jenner

Socialism is

• an economic system in which the factors of production are owned by the public and operate for the welfare of all.
• an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.

Capitalism is

• An economic system in which the means of production are privately owned and money is invested to make profits.

• An economic system in which the means of production are owned by the public (government) and operate for the welfare of all.

__________ is known as the Father of modern economics, who theorized Laissez-Faire, the idea that the market should have no political interventions?

• Adam Smith

• Karl Marx

• Thomas Malthus

• Frederick Engels

The Industrial revolution created a new ____________ class.

• Upper

• Poor

• Lower

• Middle

What is the movement of people from farms to cities?

• Utilitarianism

• Urbanization

• Proletariat

• Enclosure Movement

which of the following is NOT an economic system? 

• Capitalism
• Socialism
• Communism
• Barbarism 

This economic theory states that competition and supply and demand will determine the prices of goods.

• Capitalism

• Socialism

This economic theory states that there should be no economic classes (ex. no rich, no poor).

• Capitalism

• Socialism