Unit 10 Review

What are the three economic systems?

• Communism

• Imperialism

• Capitalism

• Socialism

• Feudalism

Economic system where government and people are involved in the economy and ownership.

• Capitalism

• Socialism

• Capitalism

Economic system were all means of production are owned by the people, no private business, equally shared.

• Socialism

• Capitalism

• Communism

Economic system where government does not interfere and there is private businesses.

• Socialism

• Capitalism

• Communism

Adam Smith wrote the "Wealth of Nations" and government shouldn't interfere. Which economic system best shares his beliefs?

• Socialism

• Capitalism

• Communism

Which of the following are characteristics of Capitalism/ Free enterprise ?

( Choose 3 answers)

• Government owns production

• People own production

• People make decision about business

• Private Property

• Government owns private property

___ believed in abolishing all private property. His book communist manifesto inspired communism.

• Karl Marx

• Adam Smith

• Thomas Jefferson

The Industrial Revolution lead to increased standard of living and voting for which social class?

• Upper

• Middle

• Lower

The ____ system is the manufacturing of goods in their homes.

• Cottage

• Factory

The ___ system is the manufacturing of goods, in large buildings with machines.

• Cottage

• Factory