Ch. 5-7 The Industrial Revolution

Where was Adam Smith born? 

What was Adam Smith's nickname? 

• The Best Mercantilist

• #1 Socialist

• First Champion of Capitalism

• Father of Medicine

What does laissez-faire mean in English? 

• "let it happen"

• " make them work"

• " fair work"

• " have a good day"

What is an advantage of division of labor?

• Labor is done more slowly

• Labor is focused on independent work

• Labor is done more efficiently

• There are no advantages, only disadvantages

What is supply?

• The amount of goods/services not available

• the amount of good/services available

• how much people want a certain good/service

• how much people do not want a certain good/service

What is demand?

• The amount of goods/services not available

• the amount of good/services available

• how much people want a certain good/service

• how much people do not want a certain good/service

If I have a big amount of supply, but the demand is low for this product, what will happen to the price of this product? 

• the price will go up

• the price will stay the same

• the price will go down

The amount of goods/services available to be purchased

The interest people have in purchasing a certain good/service

What is the goal of capitalism? 

• to invest money in businesses

• to make a profit

• to make money and reinvest it in businesses

• all of the above