Industrialization, Capitalism, Laissez-Faire

Question 0

Capitalism

Answer 0

An economic system that relies on the free market pursuit of capital to regulate economic production.

Question 1

Industrialization

Answer 1

Industrialization involved the expansion of factories to mass produce products. Included dramatic expansion of urban(city) populations and shifted from handmade things to machines.

Question 2

Economic Systems

Answer 2

Ways of organizing the production and distribution of goods and services. (How we make things and figure out who gets to use it)

Question 3

The invisible hand

Answer 3

Free market competition that would make sure businesses produced the products people needed in the most efficient way while charging the lowest possible prices.

Question 4

Laissez Faire

Answer 4

“Let the people be” government policy- the government should not control businesses or economy. No rules or regulations

Question 5

Who was the man who pushed laissez Faire?

Answer 5

Adam smith