Economic Systems
The author of the Communist Manifesto; he argued that economics was the driving force of history
Who is Karl Marx?
The process that separates iron from its ore
What is smelting?
Inventor of the first truly efficient steam engine
Who is James Watt?
Money used to invest in enterprises
What is capital?
Referred to as the first industrial city of England, connected to the sea by the worlds first railroad
What is Manchester?
Said poverty was inevitable because the population was growing faster than food production
Who is Thomas Malthus
Drug that prevents pain during surgery
What is anesthetic?
Inventor of the cotton gin
Who is Eli Whitney?
The process of taking over and consolidating lands formerly shared by peasant farmers
What is enclosure?
Organization of workers who bargained for better pay and working conditions
What are labor unions?
A economic system that would bring a classless society in which the means of production would be owned in common for the good of all
What is Communism?
Identical components that can be used in place of one another
What are interchangeable parts?
Made the first electric lightbulb
Who is Thomas Edison?
Someone who manages and assumes the financial risks of starting a new business
What is a entrepreneur?
the level of material goods and services available to people in a society
What is standard of living?
The unregulated exchange of goods and services
What is a Free Market?
New method of production where workers add parts to a product that moves along a belt from one worker to the next
What is a assembly line?
Inventor of the dynamite
Who is Alfred Nobel?
A business organization in an area such as shipping, mining, railroads, or factories
What is a enterprise?
the movement of people to the cities
What is urbanization?
Advocate of utilitarianism; thought all laws should be judged by if they brought more pleasure than pain
who is Jeremy Bentham?
Private roads built by entrepreneurs who charged travelers a fee to use them
What are turnpikes?
Inventor of the radio
Who is Guglielmo Marconi?
raw cotton was distributed to peasants families who spun it into thread and then into cloth in their own homes
What is the putting-out system?
What are tenements?