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ESSENTIALS OF MICROECONOMICS Study Guide for Chapter Three September 2, 2011 Book Questions from Chapter Three 1. Define the following terms from the text: a. market economy b. private property rights c. capitalism d. socialism e. feudalism f. mercantilism g. Industrial Revolution h. laissez-faire 2. The appendix to Chapter Three details the history of economic systems. From this section. .. a. What are the problems with a traditional based economy? b. What system bridged the gap between feudalism and capitalism? How did that system function? c. What question did Adam Smith address in “The Wealth of Nations”? d. When did the Industrial Revolution occur? e. Karl Marx saw capitalist society divided into which two groups? f. What did Marx get right? What did he get wrong? g. What economic system did Russia employ before it attempted to implement Marx’s writings? What problems did Russia have implementing Marx’s ideas? h.
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