World History - Chapter 25 Quiz Flashcards
The community or state must act to protect workers
Socialism
The average worker worked how many hours and days per week
14 hours, 6 days
Who wrote “The Wealth of Nations?”
Adam Smith
To push for reforms, workers joined together in labor associations called _____.
unions
Goods should be distributed according to each person’s needs
Socialism
The government should not interfere in the economy
Capitalism
The community or state should own the means of production
Socialism
Who wrote, “Communist Manifesto?”
Karl Marx
Consumer’s compete to buy the best goods at the lowest prices
Capitalism
An unequal distribution of wealth and material goods is unfair
Socialism
Businesses compete for the consumer’s money
Capitalism
What is the idea of Laissez-Faire?
The absence of government in business
Individuals and businesses own property and the means of production
Capitalism
A business owned by stockholders who share its profits but not responsible for its debts
Corporation
Progress results when individuals follow their own self-interest
Capitalism
