Industrial Revolution Level 2 Assessment

Name:

A person who will take the risk of starting a new business venture

• a. Capitalist
• b. Entrepreneur
• c. Laborer
• d. Industrialist

Materials supplied by nature that can be used for industrial purposes.

• a. Textile
• b. Poverty
• c. Production
• d. Natural resources

The total output of manufactured goods in an industry

• Textile
• Poverty
• Production
• Natural resources

The state of one who lacks a usual or socially acceptable amount of money or material possessions.

• Competition
• Laissez-faire
• Poverty
• Urban

Of or relating to a city

• a. Laissez-faire
• b. Competition
• c. Rural
• d. Urban

When two or more people offer the same good or service and need to attract customers by offering high-quality goods at a fair price.

• a. Laissez-faire
• b. Competition
• c. Rural
• d. Urban

A French term that means "let do"; suggests that the government should have a "hands-off" approach to the economy; the economy will naturally regulate itself.

• a. Scarce
• b. Command economy
• c. Laissez-faire
• d. Market economy

An economic system in which the private sector determines what to produce, how to produce it, and for whom to produce; there is an unequal distribution of income

• a. Scarce
• b. Command economy
• c. Laissez-faire
• d. Market economy

The part of the economy that is controlled by individuals for profit and is not controlled by the government.

• a. Scarce
• b. Command economy
• c. Private sector
• d. Market economy