12 Questions
According to Adam Smith, in the modern free enterprise system, who should make decisions about economic transactions?
Individuals in their own self-interest
What role did Queen Victoria play in relation to economic and social reforms during the Industrial Revolution?
Key role in political, economic, and social reforms
Which economic system allows businesses to be privately owned and markets to be unregulated by the government?
Capitalism
What idea did Adam Smith challenge with his book 'Wealth of Nations'?
Mercantilism
Which concept forms the basis for the modern free enterprise system according to Adam Smith?
Supply and demand
What key principle of the free enterprise system involves allowing people and businesses to pursue their own self-interests?
'Laissez-faire'
What economic concept is described as guiding society towards economic stability and harmony?
Capitalism
Which system proposed government or public ownership of resources in the Communist Manifesto?
Communism
What is one of the key differences between socialism and communism?
Socialism allows for government ownership of some resources
In the context of the text, what role does the Proletariat play in the Communist Manifesto?
They lead the class struggle against the Bourgeoisie
Which system seeks to promote the greatest good for the greatest number of people and aims to narrow wealth gaps?
Socialism
How does capitalism relate to a socialist system according to the text?
Capitalism can exist as privately-owned small businesses within socialism
Explore the impact of the Industrial Revolution on the development of economic systems such as capitalism, communism, and socialism. Learn about the effects on working conditions, wages, labor laws, and social reforms during this period.
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