W.16: Economic Theories and Industrialization

What is Communism?

• An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

• A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned.

• An economic and political system in which a country's trade and industry are controlled by the community, rather than by the state.

What economic system emerged as a response to the economic, social, and political changes brought about by industrialization?

• Capitalism

• Communism

• Socialism

What did Adam Smith advocate for in his work 'The Wealth of Nations'?

• Free markets and minimal government intervention

• Class war and public ownership of property

• Community control of trade and industry

What were the driving forces of the economy during the rise of Capitalism?

• Public ownership and class war

• Private ownership and pursuit of profit

• Community control and equal distribution

In a market economy, what determines the prices, production, and distribution of goods and services?

• Government Regulation

• Central Planning

• Competition in a free market

• Collective Ownership

What did Karl Marx and Friedrich Engels advocate for?

• Central Planning

• More Equitable Distribution of Wealth

• Technological Innovation

• Increased Social Inequality

Which economic system emphasizes profit as the main incentive for economic activity?

• Socialism

• Capitalism

• Communism

• Feudalism

What does a market economy rely on to determine prices and production?

• Government Intervention

• Central Planning

• Competition in a Free Market

• Collective Ownership

What did early socialist thinkers advocate for?

• Increased Social Inequality

• More Equitable Distribution of Wealth

• Central Planning

• Technological Innovation

What spurred the growth of labor unions and workers' movements according to the text?

• Capitalism

• Industrialization

• Feudalism

• Globalization