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Important Terms
Important People
Important Facts
Important Information
Which Economic System
100
An approach to business meaning "let them do as they please."
What is Laissez Faire?
100
He wrote the book Wealth of Nations and in it created the ideas for a free market or capitalist style of economy.
Who is Adam Smith?
100
The country where the Industrial Revolution began.
Where is Britain?
100
The transportation system the developed at about the same time as the Industrial Revolution and helped it grow the most.
What is the Railroad?
100
The economic system that we use here in the United States.
What is Capitalism?
200
The process of developing machine production of goods.
What is industrialization?
200
He wrote the 23-page pamphlet called Communist Manifesto along with Friedrich Engals which formed the basic ideas of a communist style of economy.
Who is Karl Marx?
200
The city that became the largest city in all of Europe in the mid-1800's.
What is London?
200
The scientific farmer that invented the seed drill to help increase crop yields.
Who is Jethro Tull?
200
The economic system that is owned by the public and operate for the welfare of the all.
What is socialism?
300
The process of people moving to the cities.
What is urbanization?
300
He built the first textile mills in America and later had an industrial town named after him.
Who is Francis C. Lowell?
300
The three Factors of Production for industrialization.
What are Land, Labor, and Capital?
300
The industry that was the first to benefit from the Industrial Revolution.
What is the textile industry?
300
The economic system where the factors of production are owned by the people and the goal is to create a classless society.
What is communism?
400
A person who organizes, manages, and takes all of the risks of a business.
What is entrepreneur?
400
He built a spinning machine from memory after emigrating to the US and started the Industrial Revolution in America.
Who is Samuel Slater?
400
The average life expectancy if living in the urban areas of England and if living in the rural areas of England during the Industrial Revolution.
What is 17 & 38?
400
The action that Britain took against the US during the War of 1812 which caused us to become more self-sufficient.
What is a British blockade?
400
The economic system that is based on the laws of Economics created by Adam Smith.
What is capitalism?
500
A large business that is owned by several stockholders who share in its profits but are not personally responsible for the debts.
What is corporation?
500
He illegally moved to Belgium from Britain and carried plans for building spinning machinery to start industry there in Belgium.
Who is William Cockerill?
500
The normal amount of hours worked per day by an average worker during the Industrial Revolution.
What is 14-16?
500
The two most successful American entrepreneurs during the Industrial Revolution era.
Who are John D. Rockefeller and Andrew Carnegie?
500
The economic system that is used in Cuba, China, and North Korea.
What is Communism?