Matching
What term refers to the economic policy of letting owners of industry and business set working conditions without interference?
Laissez Faire
What is the refusal to work by Union members in matters of factory owners not meeting the demands of employees?
Strike
What two inventions did Eli Whitney contribute to?
Interchangeable parts and cotton gin
What is a society that is economically interdependent?
A society where people rely on one another for the resources, goods, and services they need.
What does Adam Smith believe are the “three natural laws of economics?”
Law of self-interest, law of competition, law of supply and demand
Certain rights of ownership?
Stock
This is where a product moves from worker to worker, as each person performs a step in the manufacturing process?
Assembly Line
When is someone not personally responsible for potential debt of a company?
When there is a corporation that allows for the share to be split between stockholders who also receive profit.
What was an argument for the political movement of anarchism?
Some believed that anarchism was the best way to achieve stability in a society because they thought that the government was actually hurting people and should be completely abolished.
According to Marx and Engels, the Industrial Revolution had enriched the wealthy and ______________________ the poor.
Impoverished
This is made up of skilled workers, professionals, businesspeople, and wealthy farmers.
Middle Class
What is city building and the migration of people to cities?
Urbanization
What happens when factories or companies specialize when dividing the labor among the employees?
When you have employees who split up the labor and specialize in a field, they work at a certain job and learn how to do it well.
Who were the Luddites?
A group of radical English workers in the textile industry who destroyed machinery due to the threat the machines placed on their jobs.
What was daily life like for women as they went through the Industrial Revolution?
Middle class women focused less on chores and hired help for the house. Some women attended college and worked jobs like teachers and nurses. Some women worked in factories as well.
One of the greatest developments for farmers? You take turns farming different crops at different times of year.
crop rotation
A person who organizes, manages, and takes on the risks of a business
Entrepreneurs
What was a major benefit of the industrial revolution that spurred industrial growth by giving manufacturers a cheap way to transport?
railroad boom
Britain had all of the factors of production, what were they?
land, labor, and capital/ wealth
What is a long-term effect of the Industrial Revolution?
Most people can afford consumer goods that would have been considered luxuries 50 to 60 years ago.
Larger fields that were cultivated as landowners increased their landholdings.
Enclosures
What is an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit?
Capitalism
What was a result of the British parliament investigating the working conditions that children in factories and mines were experiencing?
Factory Act of 1833 that laid out the ages and hours children could work in a day
What is the difference between socialism and capitalism?
Socialism is when the factors of production are owned by the public and operate for the welfare of all. Capitalism, however, is when individuals and businesses own property and the means of production.
What increased farm production because it made farming easier and improved harvesting?
Mechanical reaper and threshing machine