Economic Systems
What economic system does the United States function under?
Capitalism
What do you call people migrating to big cities?
Urbanization
Which continent is Britain on?
Europe
What did the power loom do?
Improved speeds of looming threads of cotton
What were large, man made water ways called?
Canals
Who wrote the Wealth of Nations?
Adam Smith
What type of economic system was Britain using?
What is capitalism
What material was mostly used to build the new machines?
Iron
What mineral was the fuel for new machines?
Coal
What was built to improve transportation via waterways?
Canals
What is the French wording for capitalism?
Laissez Faire
Why did the government provide incensives?
To encourage businesses to trade and grow
What was an advantage of being surrounded by water?
Easy to send and receive trade ships
or
Protection from invaders
What does it mean to industrialize?
Change your society into a more manufacturing state of mind
What was built on land to improve transportation speed?
Railroads
Which economic system would John Stuart Mill and Jeremy Bentham advocate for?
Utilitarian
What were 2 causes for the increase in population in Britain?
What is:
a) better nutrition
b) more food available (with Mechanization)
What was the main effect of the enclosure movement on land owners?
Rich farmers took smaller farmer's lands
What were the two main crops harvested in Britain?
Wheat + cotton
What was the purpose of the spinning jenny?
Spun cotton into wearable threads
Name the economic system where there are no classes and equal wages.
Communism
Name 2 of the three factors of production.
land, labor, capital
What were two advantages of having navigable rivers and harbors?
-Easy water transportation and access to trade
What were two advantages of having non-navigable rivers?
-Powered large machines
-Could be used to create canals
A system where work is contracted by a central agent to subcontractors who complete the project via remote work