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WH chapter 19

WH Chapter 19 Unit Test

QuestionAnswer
Iron Law Of Wages Labor is plentiful wages are low and few wages mean high workers.
Democratic Socialism People retain basic human rights and partial control over economic planning.
Pamphlet wrote by Karl Marx that outlined his ideas Communist Manifesto
Jethro Tull Invented seed drill
Charles Goodyear Vulcanizing of rubber
Alexandra Volt Invented Battery
3 factors of mass production Division of labor, interchangeable parts, and assembly line.
Laissez-faire Government is to stay out of business.
2 natural laws that regulate business Supply and demand/ Competition.
Monopoly Complete control of a good or service by a single company.
Tenements Cramped and poorly maintained apartment houses.
Socialism Government owns means of production and operates them for the welfare of all people.
Who wrote The wealth of Nations? Adam Smith
Communism/Authoritarian Socialism The economic and political system that ignores basic human rights.
2 things that factory act of 1833 provided for Factory inspection and enforcement of child labor laws.
Why corporations are more attractive to investors A persons loss is limited to the amount he invests.
Crop Rotation Method to preserve soil fertility.
Most important critic of Capitalism Karl Marx
Cartels Combination of Corporations
Marx's book that analyzed Capitalism "Das Kapital"
Who wrote Utopia? Sir Thomas More
Who was responsible for the Iron Law of Wages David Ricardo
Depression The lowest point in a business cycle.
What did Thomas Malthus believe hindered human progress? Population Increase
Created by: emmaley
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