Pre Industrial
When was pre industrial world?
before 1700
Around what time did the industrial revolution start?
1750s
What are the 3 factors of production?
Land, Labor, Capital
An activity that fills a want or need?
Service
How were goods made?
At home
Where did the Industrial Revolution begin?
This FACTOR OF PRODUCTION: is money needed for business
Capital
Services that people pay for like hair salon?
Consumer Service
Why did population move to cities?
Machines replace farmers force people to move
How were goods made post industrial revolution?
In Factories
THIS FACTOR OF PRODUCTION: Physical space and resources?
Land
A service that provides protection, like police?
Public Service
How did people travel before industrial revolution?
foot or horses
How did the population explosion affect the Industrial Revolution?
Healthier births led to more people
THIS FACTOR OF PRODUCTION: workers available for hire?
Labor
What does gravity model predict?
best location for a business
What was life like before industrial revolution?
around farming and handmade goods
2 positive effects of coal and steam power? (Energy Revolution?)
power machines, travel by boat
1 major thing (used now) that require the Industrial Revolution?
smart phones
Why is proximity and accessibility important in business?
Close and easy for people to reach