He question asks on which of the following statements in the choices you have given that best describes the economy of India in late 1700's and the best answer would be letter B. In the late 1700's, Indian farmers produced cotton that was shipped to British factories to produce textiles.
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Answer:
Yes the Founding Fathers were justified in rebelling
Explanation:
The British at the time were taxing the colonists for the war against the Native Americans and were also infringing on the New Settler's rights alongside forcing the common folk to use their house for British soldiers
The economic systems and their characteristics are:
Capitalism:
- emphasizes competition
- rewards personal initiative
- pursuit of profit
- advocated by Adam Smith, the “father of modern economics” and author of The Wealth of Nations; doctrine of economic opportunity with little to no government intervention
- doctrine that people can be more prosperous without government intervention
Mercantilism:
- private ownership
- governments sought to gain power by accumulating more wealth than other nations
Communism:
- grew out of socialism
- was a reaction to capitalism
- controls not only all factors of production, but all areas within society
- classless society
- system most associated with Karl Marx, co-author of The Communist Manifesto with Friedrich Engels
- North Korea
Socialism:
- seeks an economy under the collective social control of the working class
- Sweden
<h3>What are types of economic systems?</h3>
Capitalism or Free enterprise is a system that encourages people to get into business for the purpose of making profit. It also allows for private ownership of assets.
Communism does not allow for private ownership and does not believe in a society that has classes. North Korea is an example even though it has classes.
Socialism is a system that calls for the economy to be run by the working class while mercantilism calls for governments to accumulate wealth.
Find out more on Socialism at brainly.com/question/839803
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It destroyed a lot of homes and families in the community for the colonists and for the Natives too. It took years to repair the damage done and to cover the huge military expenses.