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CONTENT Name Date REVIEW CALIFORNIA STANDARD 10.3.5 Components of an Industrial Economy Specific Objective: Understand the connections among natural resources, entrepreneurship, labor, and capital in an industrial economy. Read the graphic organizer to answer the questions on the next page. Components of an Industrial Economy Entrepreneurship Entrepreneurs are people who organize new businesses by deciding how the business will be run and what it will produce, and then 1) obtaining money from lenders and investors 2) using the money to obtain necessary resources NECESSARY RESOURCES Copyright McDougal Littell/Houghton Mifflin Company Natural Resources Products of nature, such as minerals and land Capital Human-made resources such as machinery and tools Labor People who perform work INDUSTRIAL PRODUCTION Consumer Goods Goods that are sold to consumers CSS Specific Objective 10.3.5: Review 41 Name Date PRACTICE CALIFORNIA CONTENT STANDARD 10.3.5 Components of an Industrial Economy Directions: Choose the letter of the best answer. Use the quotation to answer questions 1 and 2. 3 What is the goal of industrial production? A B C D employment for great numbers of people use efficient of natural resources finding new sources of capital the manufacture of consumer goods that can be sold "They are the leaders on the way to material progress. . . . They guess what the consumers would like to have and are intent on providing them with these things." --from Human Action: A Treatise on Economics, Ludwig von Mises 1 The quotation describes the role in an industrial economy played by A B C D entrepreneurs. investors. labor. salespeople. 4 Which event in 19th-century England most benefited its industrial economy? A B C D war against Russia the growth of democracy increased population growth a decline in agriculture Copyright McDougal Littell/Houghton Mifflin Company ...