Second Industrial Revolution

Second

100

The timeline of the 2nd Industrial Revolution

1870-1914

200

2 primary new sources of energy that caused huge changes to the industrial processes

Oil and Electricity

300

Give 2 examples of new industries that emerged during the 2nd IR

Chemical, Textile, Electrical, etc.

400

Explain Taylorism

Factory management system developed by Fred Winslow Taylor that broke work down into a series of individual tasks, each to be carried out by the most suitable worker that was hired, trained and given the necessary equipment. 

500

Give 2 examples of new business structures and explain how they work.

Examples: Cartels, trusts, holding companies.

Check with prof for explanations.

Industrial

100

The 4 stages of the economic cycle

Growth, Crisis, Recession and Recovery

200

Explain consumerism

Preoccupation with buying unnecessary products

300

What are some cultural changes as a consequence of the 2nd IR?

Socializing, birth of consumerism, shift to secularism

400

Explain what a monopoly is and why did they happen?

When one entity has exclusive control over the supply of a trade/product in an industry and the reason for this is because of the lack of state government intervention.

500

Explain a joint-stock company

Companies owned by multiple shareholders who each invested capital in return for a share of the profits.

Revolution

100

assembly lines were created by this man

Henry Ford

200

What do you call the fee for borrowing money which is calculated as a % of the amount of money borrowed?

Interest

300

What was the first global recession?

The Panic of 1873

400

Companies shares can be bought and sold more easily at a _____?

a stock exchange

500

How did the Industrial Revolutions impact the theory of communism?

Social injustices, harsh working conditions and economic disparity ($) of factory owner versus factory worker influenced Marx and Engels to develop communism and a new economic model.