Studied by 2 people
Looks like no one added any tags here yet for you.
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
Note 
Flashcard (49)