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Let's do Vocab!
Peeps from around the way
Just the Facts
Just Know it
Which Economic System
100
This French term applied to business means "let them do as they please." The government stays out of business.
What is Laissez Faire?
100
He wrote the book Wealth of Nations and in it created the ideas for a free market or capitalist style of economy.
Who is Adam Smith?
100
The country where the Industrial Revolution began.
Where is Britain?
100
The transportation system the developed at about the same time as the Industrial Revolution and helped it grow the most.
What is the Railroad?
100
The economic system that we use here in the United States.
What is Capitalism?
200
The process of developing machine production of goods.
What is industrialization?
200
He wrote the 23-page pamphlet called Communist Manifesto along with Friedrich Engals which formed the basic ideas of a communist style of economy.
Who is Karl Marx?
200
The city that became the largest city in all of Europe in the mid-1800's.
What is London?
200
This mode of transportation was needed by all British companies trade with European countries?
What are boats?
200
The economic system that is owned by the public and operate for the welfare of the all.
What is socialism?
300
The process of people moving to the cities.
What is urbanization?
300
He was the inventor of the steam engine?
Who is Watts?
300
List one Factor of Production for industrialization.
What are Land, Labor, or Capital?
300
The industry that was the first to benefit from the Industrial Revolution.
What is the textile industry?
300
The economic system where the factors of production are owned by the people and the goal is to create a classless society.
What is communism?
400
A person who organizes, manages, and takes all of the risks of a business.
What is entrepreneur?
400
He is the principal at ATL.
Dr. Lockhart
400
Karl Marx referred to these people as the proleteriat.
The working class
400
Britain was very lucky to have many mines that produced this natural resource which was used as a fuel?
What is coal?
400
The economic system that is based on the laws of Economics created by Adam Smith.
What is capitalism?
500
A large business that is owned by several stockholders who share in its profits but are not personally responsible for the debts.
What is corporation?
500
He had a theory about how to deal with over-population in Britain.
Who is Thomas Malthus?
500
The normal amount of hours worked per day by an average worker during the Industrial Revolution.
What is 14-16?
500
This is one negative effect of the Inustrial Revolution.
What is overcrowding, pollution, or unequal distribution of wealth?
500
The economic system that is used in Cuba, China, and North Korea.
What is Communism?