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3. Economic Theory 2 Point 2 Point 2 Point 2 Point 2 Point 2 Point
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4. Law of Supply and Demand

5. Adam Smith

6. Reform writer; wrote many fictionalized accounts of industrialization’s problems.

7. Charles Dickens

8. The amount of people increase exponentially, but the amount of food only increases arithmatically.

9. Thomas Malthus

10. Supply and Demand determine wages.

11. David Ricardo

12. Government should consider the well-being of all citizens when making laws, like giving women the right to vote.

13. John Stuart Mill

14. Person may go into any business and operate it however they want.

15. Free Enterprise

16. Government should NOT interfere with business.

17. Laissez-Faire

18. Entire group of workers refuses to work in order to win concessions from their employer.

19. Strike

20. Every act of society is judged by its usefulness.

21. Utilitarianism

22. Employer and employees negotiate a contract.

23. Collective Bargaining

24. Individuals own factories that manufacture items other individuals buy.

25. Industrial Capitalism

26. Individual merchants buy, sell, and exchange goods.

27. Commercial Capitalism

28. Production method used before the Industrial Revolution.

29. Domestic System

30. Lowest point in the business cycle

31. Depression

32. One corporation controls part of the production process.

33. Monopoly

34. Live in peace together, sharing what you produce

35. Utopian socialism

36. He said factory owners are responsible for taking care of their workers.

37. Robert Owen

38. Government has complete control of the means of production and ignores human rights.

39. Authoritarian socialism or Leninism or Communism

40. Government owns large businesses, but private property and rights are maintained. Unions are supported, and the government gradually improves working and living conditions.

41. Democratic Socialism

42. Why do socialists believe capitalism is a failure?

43. Unequal distribution of wealth which only government ownership of the means of production can improve.

44. All of the stages of history involve this, according to Marx.

45. Struggle between the haves and have nots.

46. Marx says they create the value of a product.

47. Labor (the workers who made it)

48. Marx’s vision of a true, classless society

49. Pure Communism

50. Books that Marx wrote

51. Das Capital, Communist Manifesto

52. Marx called for this.

53. Violent revolution of all of the workers

54. Use of automated machinery in production

55. Mechanization

56. This invention provided the raw material needed by the textile industry.

57. Cotton Gin

58. Writer and advocate of utilitarianism who mentored John Stuart Mill

59. Jeremy Bentham

60. Most disgusting working class apartment

61. Basement

62. Job opportunities for unmarried, middle class women

63. Nursing, social work, teaching

64. Final Jeopardy
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65. Final Answer

66. Final Question