Type of Systems
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
Capitalism
What is it called when a company and its product offerings dominate a sector or industry?
Monopoly
What is the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency?
Division of Labor
What material was invented that was stronger than iron and produced through the Bessemer process?
Steel
What type of government came to mean the collective ownership of means of production?
Socialism
What material became the standard for currency during the Industrial Revolution.
Gold
What is a series of workers and machines in a factory by which a succession of identical items is progressively assembled
Assembly Line
What was the newest and most popular way to communicate during the industrial revolution?
Telegraph
What type of government came to mean that there was total government control of the economy?
Communism
What is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium? Hint: This became more readily available during the Industrial Revolution?
Insurance
What are identical components that can be substituted one for another in machines.
Interchangeable Parts
What invention/innovation caused cheaper transportation and at first expanded rapidly through Britain, and then the US a little bit later?
Railroad
Who believed that capitalism exploited workers and wrote the The Communist Manifesto?
Karl Marx
The Business Cycle
Name one source of energy used to power factories during the industrial revolution.
Coal or Steam
During the 1st Industrial Revolution what material was used to make farm tools, factory machinery, and railways.
Iron
Who believed supply and demand naturally kept the economy in balance, and people doing what was best for themselves would do what was best for the economy ("invisible hand")
Adam Smith
What type of corporations sold stocks and could raise money to expand? Owners and shareholders were not responsible for business debts.
Limited Liability Corporations
The Textile Industry
Which country was a leader during the 2nd industrial revolution because of their government support for innovation and their science education?
Germany