MWH Module 4 Section #6 Bellwork

What is the primary goal of capitalism?

• Equal distribution of wealth

• Government ownership of industries

• Making a profit

• Limiting economic competition

Match each economic system with its key characteristic.

• Communism

• Applies natural selection to society and business

• Capitalism

• Advocates for fair distribution of wealth

• Social Darwinism

• Calls for government control of all industries

• Socialism

• Encourages private ownership and profit

The ​ (a)   system encourages private ownership and free-market competition, while ​ (b)   seeks to distribute wealth more equally among all members of society.

• Capitalism
• Socialism
• Social Darwinism
• Communism
• Feudalism
• Bimetallism

Sort the following effects of the Second Industrial Revolution into Economic Changes or Social and Cultural Changes.

Groups:

(a) Economic Changes

,

(b) Social and Cultural Changes

• Expansion of entertainment and leisure activities

• Improved daily life with electric-powered appliances

• Increased reliance on electricity in industries

• Growth of global trade and industrialization

• Mass production lowered costs of goods

• Rise of consumer culture due to mass production

What did Karl Marx’s Communist Manifesto influence?

• The expansion of capitalism

• Socialist movements throughout Europe

• The fall of industrialization

• The decline of government intervention in economies

Match each leader with their contribution.

• J.P. Morgan

• Expanded the steel industry using the Bessemer Process

• Andrew Carnegie

• Influential in banking and finance

• Cornelius Vanderbilt

• Monopolized the oil industry with Standard Oil

• John D. Rockefeller

• Expanded the railroad industry

Drag each statement into the correct category: Life Before the Second Industrial Revolution & Life After the Second Industrial Revolution.

Groups:

(a) Life Before

,

(b) Life After

• Limited access to mass-produced goods

• Increased factory jobs and urbanization

• Electricity improves daily life and work efficiency

• Slow transportation methods (horse-drawn carriages, boats)

How did electricity impact society during and after the Second Industrial Revolution?

• It slowed industrial production

• It had little impact on transportation and communication

• It caused businesses to shut down

• It made work more efficient and daily life easier

Read the following excerpt and answer the question.

"The growth of a large business is merely a survival of the fittest. It is merely the working out of a law of nature and a law of God." – John D. Rockefeller

What economic theory does this quote represent?

• Socialism

• Social Darwinism

• Capitalism with intervention

• Mercantilism

How did the Second Industrial Revolution contribute to globalization (the global economy)?

• It increased economic interdependence through trade and industrialization

• It caused nations to isolate themselves from each other

• It led to the collapse of the global economy

• It made industries rely only on local raw materials