How It Started
Inventor of the Cotton Gin.
What is Eli Whitney
The movement of people to city life.
What is Urbanization
The economic theory that Gov't should stay out of business affairs. Associated with capitalism.
What is Laissez-Faire Economics
The inventor of the light bulb.
What is Thomas Edison
A business that is owned by many individuals or stockholders.
What is Corporation.
People who risk capital to start a business.
What is Entrepreneurs
What other nations followed Britain in the race to Industrialize?
What is US, Germany, France
What is Social Darwinism
The inventor of dynamite-an award is given in his name each year.
What is Alfred Nobel.
Shares in public companies.
What is Stock
How did the agriculture industry change prior to the Industrial Revolution?
What is Farming was commercialized because of new inventions, leading to people needing new jobs.
Run down apartment buildings, where multiple families lived in one room apartments.
What is Tenements
States the goal of society should be to provide "the greatest happiness to the greatest number."
What is Utilitarianism
Created a new process for creating steel from iron.
What is Bessemer Process
An association to fix prices, set product quotas, and control markets.
What is Cartels
What changed with social etiquette during the Industrial Revolution?
Middle class expanded and the ideal role for women started to shift from running the household to working for equal rights in the workplace and politically.
What was life like in the workplace at the beginning of the Industrial Revolution.
What is Long days, low pay, unsanitary conditions.
Why are cartels considered bad?
Because they fix prices at an unfairly high rate, which causes the items to be unaffordable for the average person.
Created by Henry Ford, provides a much faster, efficient way of producing a product.
What is Assembly Line.
What were the reasons for the population increase during this time.
What is Surplus of food, and new medical advancements caused people to live longer.
List the four reasons that allowed Britain to be the first to industrialize.
What is Natural Resources, Demand and Capital, Textile Industry, Transportation
What three reasons led to urbanization?
What is Shift to commercial farming, population increase, demand for workers in factories.
Define Socialism and Communism in your own words.
What is Socialism-everyone is equal, if you have two cows you give one to your neighbor. Communism-Gov't controls every aspect of life, no classes. If you have two cows Gov't gets them and you get some milk.
Created the first electric motor and dynamo.
What is Michael Faraday.
List four long term effects of the Industrial Revolution.
What is Medical advancements, Labor unions forming, increased pollution, expanding middle class, inexpensive new products, rise of big business, competition for world trade.