Capital and Corporations
These individuals invested money into factories, railroads, and industry in order to make a profit.
What are capitalists?
A sum of money provided by a financial institution (lender) to an individual or company (borrower) with the agreement that it will be repaid over time
What is a loan?
The movement of people from rural to urban areas.
What is urbanization?
A philosophy advocating minimal government interference in the economy, allowing free markets, self-interest, and competition to drive prosperity with little to no regulation, price controls, or trade barriers, representing a hands-off approach to capitalism
What is laissez-faire economics?
Inventor is credited with improving the process of making steel, leading to stronger and more affordable materials during the Industrial Revolution
Who was Henry Bessemer?
The facilities and resources for producing goods.
What are the means of production?
The amount of hours most laborers worked during the First Industrial Revolution.
What are 12 hours?
A direct impact on the environment related to overpopulation and a massive influx in factories in cities.
What is pollution?
This innovation allowed factories to be built anywhere.
What is the steam engine?
A multi-spindle machine that revolutionized textile production by allowing one worker to spin multiple threads (initially eight, later many more) from a single wheel.
What was the spinning jenny?
Unlike small businesses, these entities had legal status separate from their owners.
What are corporations?
Most laborers made this amount of money daily.
What is 4 pence or $1?
What are tenements?
The common practice of people during the First Industrial Revolution working before the age of 10, some even as young as 4 years old.
What is child labor?
This inventor designed the first efficient steam engine.
Who was James Watt?
This term describes when one company controls an entire industry, eliminating competition.
What are monopolies?
These institutions provided loans to businesses to expand factories and railroads.
What are banks?
A severe bacterial infection of the intestines, caused by Vibrio cholerae, spread through contaminated food/water, causing rapid, watery diarrhea, vomiting, leg cramps, and life-threatening dehydration, treatable with rehydration
What is Cholera?
This inventor created the cotton gin. We need to go on a field trip to Frank Pepes and the museum in his honor.
Who was Eli Whitney?
This had to occur before the Industrial Revolution could take place.
What was The Agricultural Revolution?
An American company, this corporation became one of the most powerful monopolies in history. At its peak, it controlled over 90% of the petroleum / gasoline industry. This made it's founder, John D. Rockefeller one of the richest people in human history.
What is Standard Oil?
Workplaces with low wages and unhealthy conditions.
What are sweatshops?
An acute contagious viral disease, with fever and pustules usually leaving permanent scars. It was effectively eradicated through vaccination by 1979.
What is smallpox?
Their existence allowed for Great Britain to have a multitude of markets to sell finished goods.
What are colonies?
The country where the First Industrial Revolution began.
What is England (Great Britain)?