Flashcard 10: Economic Systems, Industrial Rev. and Imperialism

Front

In his book, Wealth of Nations, Adam Smith for what type of economy?

Back

free enterprise system

Front

Who are the people who make and sell goods in a free enterprise system?

Back

producers

Front

What law in the free enterprise system determines the prices of goods and services?

Back

Law of Supply and Demand

Front

If the demand of a product or service is high, what happens to the price of that product/service?

Back

Price goes up

Front

What is the economic theory that the government should interfere as little as possible in the economy?

Back

Laissez-faire

Front

The other alternative economic systems to capitalism rose as a result due to what?

Back

inequalities created by the industrial revolution

Front

A communist economy is also known as?

Back

Command economy

Front

What was a characteristic of making cloth by hand?

Back

Slow and labor-intensive

Front

What was the Flying Shuttle primarily used for?

Back

Weaving

Front

Which country is shown to have significant textile industries in 1870? Options: Italy, Spain, Great Britain, Norway

Back

Great Britain