Capitalism and Socialism

World History 9 Honors - Norander - Final Review

A person who organizes, manages, and takes on the risks of a business is a/an:

entrepreneur

The economic policy that favored a free market and letting owners of industry and business set working conditions without government interference is known as:

laissez faire

Before this historic event, most people lived in the country side on farms and got the things they needed by making themselves. And, after this historic event, most people started to move to cities and most things were made by machines in factories

the industrial revolution

This was a complete form of socialism in which the means of production would be owned by the people and private property would cease to exist

communism

These socialists dream of a perfect society, perfect government, law and economy, with no extreme wealth or poverty, and everybody is happy; they try to achieve goals by creating model communities, where members share in the labor and the rewards

utopian socialists

This theory argues that government actions are useful only if they promote the greatest good for the greatest amount of people

utilitarianism

Karl Marx co

authored The Communist Manifesto with his [BFF] friend:

This person wrote the book, The Wealth of Nations, and defended free markets:

adam smith

These are voluntary associations of workers who pressed for reforms were called: unions

This is an economic system in which individuals and businesses own property and the means of production.

capitalism

A business owned by stockholders who share in its profits but are not personally responsible for its debts is a

corporations

What were the three factors of production required for industrialization

land, labor, capital

The process of negotiation between workers and employers is called

collective bargaining

Nineteenth-century socialists argued that government should

actively plan the economy

A refusal to work employees is called a

strike

Which of the following statements about the book The Wealth of Nations is INcorrect?

it was written by karl marx and fredrich engles

Which of the following statements about the book The Communist Manifesto is INcorrect?

it promoted the idea that the industrial revolution benefited the worker and made them the ruling class

Which of the following statements about the basic premises of Socialism is INcorrect?

in place of collective ownership, there should be private oenership

The country where Karl Marx and his partner lived while they conducted their most famous writings.

Great britain

Influenced by Adam Smith, he introduced the idea of Utilitarianism in the late 1700s.

Jeremy Bentham

Established a settlement house in Chicago for the aid of women and children.

Jane Addams

Led the fight for abolition of slavery in the British Parliament

william wilberforce

Leader of the Utilitarianism movement in the 1800s.

John stuart mill

Karl Marx's native country

got exiled from it twice!

Wrote Principles of Political Economy and Taxation and argued that the working class would always be poor with low wages.

david ricardo

Utopian Socialist who set up model/cooperative working communities in Scotland and Indiana.

robert owen

This was the first country to successfully undergo Communist Revolution.

russia

In An Essay on the Principle of Population, he argued that because population growth outpaces food supplies, that with out wars or epidemics, most people were destined to be poor.

thomas malthus

According to Marx, the Industrial Revolution had made this class of people, the owners of capital, the ruling class.

bourgeoisie

One of the most famous American reformers of the 19th century, this Massachusetts native advocated for free public education for all children.

horace mann

Workers who protested working conditions by destroying machines.

luddited

One of the 1st Utopian Socialists; proposed equality of economic opportunity based on ability, ideas went hand in hand with Christianity.

saint

According to Marx, this class was made up of the members of the working classes who were being exploited by the factory owners.

proletariat