INDUSTRIAL REVOLUTION
INDUSTRIAL REVOLUTION AND ITS IMPACT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Class struggles are based on inequities.
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Workers should form unions to better their conditions.
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Prices are best determined by supply and demand.
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The government should own all means of production.
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Detailed explanation-1: -Laissez-faire economics is a theory that says the government should not intervene in the economy except to protect individuals’ inalienable rights. In other words, let the market do its own thing. If left alone, the laws of supply and demand will efficiently direct the production of goods and services.
Detailed explanation-2: -Which of the following BEST describes a laissez-faire economic policy? The government should leave business alone.
Detailed explanation-3: -A laissez-faire economy is thus characterized by the free movement of forces of supply and demand, free from any form of intervention by a government, a price-setting monopoly, or any other authority.
Detailed explanation-4: -Laissez-faire (/ˌlɛseɪˈfɛər/ LESS-ay-FAIR; from French: laissez faire [lɛse fɛʁ] ( listen), lit. ‘let do’) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or transfer payments).