New Economic Theories Answers

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The three main ideas behind capitalism as defined by Adam Smith are

Workers competed for jobs in the model factory started by Robert Owen because

As economic theories, socialism and communism sought to

In a dictatorship of the proletariat, who controls the government?

In a free market, supply and demand determines

During industrialization, which led to an exploration of new economic theories?

Which problems arose as a result of capitalism with little government oversight? Check all that apply.An even distribution of wealth led to little competition.Businesses eventually exploited the working class.Workers who were injured on the job were not protected.There were vast inequalities between workers and owners.Worker’s unions dissolved because employee treatment improved.Big companies drove small companies out of business.

In terms of production, what best describes the difference between capitalism and socialism?

Karl Marx developed the economic theory of