Industries
During the Industrial Revolution, what two industries were highly developed?
Metallurgy + Textiles
What is the name of the economic system where people (Entrepreneurs) seek to make a profit and increase their capital? *The goal is to make as much money as possible.
Capitalism
The creation of this technological innovation led to significant increases in production, and used coal or wood as a fuel.
Steam Engine
The right to own property, individual freedoms and entrepreneurial freedom
Economic Liberalism
A large number of people move from the country to the city
Urbanization
Who performed labour?
Factory workers
What did entrepreneurs (factory/business owners) ensure that they achieved their goal of making as much money as possible? (how did they increase their capital (profits)?
a) Pay their employees low wages (or reduce wages)
b) Increase the price of the goods (products) they sell
This sedimentary rock was crucial for machines during the industrial revolution
Coal
Believes the state should interfere to ensure social justice
Socialism
The name for the number of people who can work
Workforce
Who owned the means of production?
Entrepreneurs/Bourgeoisie
Why were the living conditions of the working class considered poor (bad)? *(identify least 3 reasons)
Lack of running water Overcrowded
Lack of sewer systems Unhygenic
Lack of garbage collection Ridden with disease
Toxic fumes from factories High child mortality rates
This invention revolutionized travel on land
Steam Locomotive
Everything, such as private property, shouldn't exist, they should belong to the community
Communism
What are the three words used to describe the ability to make goods and products through factories and machinery?
Means of production
What products did the metallurgy industry help create? Name at least 3.
1. Agricultural equipment
2. Steam engines
3. Textile manufacturing equipment
4. Military equipment
5. Locomotives + railways (transportation)
6. Steamboats
What are the 2 biggest dinstinct social classes?
The Bourgeoisie and Working Class
This machine separates grain seeds and stalks
The threshing machine
What did Karl Marx advocate for?
Communism
What is the word used to describe the introduction of machinery to produce goods?
Mechanization
1. A Spinning Wheel
2. A Spinning Mule
3. A Spinning Jenny
Trade Unions - or - Unions
S m Which technological improvement features a paddlewheel as a propulsion system
Steam Boat
"Many __________ were members of the professional bourgeoisie, their ideas aligned with the interests of..."
"Socialists"
Socialism
When multiple investors put money into one company they got _______. The investors would then have to split the money depending on how many ______ they had. These _______ could be bought and sold on the stock exchange
Shares