Intellectualism Review

Positive of capitalism

Economic choice/freedom

Positive of capitalism

People are encouraged to innovate

Negative of capitalism

Creates a class system

Negative of capitalism

There are economic cycles

Positive of communism

They don’t have economic classes

Positive of communism

They can plan easily for the future

Negative of communism

No economic choice/freedoms

Negative of communism

No motivation to work hard

The three economic classes

capitalism, communism, socialism

What does competition help with?

Lower prices and higher the quality

Who controls the economy in a capitalist economy

Consumers or individuals

Where did the industrial revolution begin?

Britain

What was the first industry to be industrialized?

The textile industry

What revolution allowed for more food to be grown by less people?

Agriculture

Who built the first U.S factory?

Samuel Slater

What shows ownership of a coperation?

Stock

When did the stock market crash?

Black Tuesday

What caused the stock market to crash?

Stocks were overvalued

What was FDR’s plan to fix the stock market?

The New Deal

Thomas Edison invented the…

Light bulb

Alexander Graham Bell invented the…

Telephone

Henry Ford invented the…

Assembly line

The Wright Brothers invented…

The airplane