1
The United States today is under what economic system?
Capitalism
What was Karl Marx's goal?
Complete Equality
(Bonus)
What does it mean to regulate?
to control or place limits on
What is an investor?
a person who puts money into a business with the goal of later making a profit
Who was Adam Smith?
Scottish-Born Economist that promoted capitalist economics.
From which group of people did most factory workers come?
peasants
Most of Europe is under what economic system?
Social Democracy
Mix of Socialism and Capitalism
What did Robert Owen try to establish?
a perfect community
What is capital?
money/resources invested to make more money
Under Capitalism what are capitalists encouraged to do with their money?
Invest it into other companies.
Invest it into new business.
Who perfected the cotton gin?
Eli Whitney
(Bonus)
Why were some unskilled workers upset about the spread of industrialism?
Some were replaced by machines. Others had to work in difficult and dangerous conditions.
What is a strike?
a protest in which workers agree to stop working
What is a socialist idea that has been adopted by American capitalist society?
welfare
Social Security
Unemployment
Why could factory owners treat workers badly?
Many people were looking for work. Owners could offer low wages. They could fire workers and easily replace them.
Who wrote novels describing the hard life of many people in England in the 1800s?
Who are the bourgeoisie?
the upper or wealthy middle class; the people who owned the means of production, or what Karl Marx called “the haves”
According to Marx, the conflict between what two groups makes up all of human history?
The "Haves" and "Have-Nots".
Why did so many children work in mines and factories at during the early Industrial Revolution?
They could be paid less.
They were disposable.
They could fit inside of small caverns.
What will happen to people's private property during the communist revolution?
It will be confiscated and equally distributed amongst the people.
What did Marx think the stage after a revolutionary government would look like?
True Communism.
Complete Equality, no laws, no leaders, no government.
Describe mercantilism.
A country can grow rich by controlling trade.
What is laissez-faire?
a philosophy that calls for very little or no government involvement in the economy
What is the Division of Labor?
the breakdown of work into specific tasks performed by different people; often considered a way to make workers more efficient
What is economics?
The study of the management of money and resources to produce, buy, and sell goods and services