Economic Systems
System in which the government doesn't interfere or get involved in the economy
Laissez-faire
Name at least two factors that led to industrialization in Britain.
1. Agricultural revolution
2. Natural resources like coal and iron
3. Development of inventions
4. New transportation systems
5. Stable government
6. Lots of capital to invest in factories and businesses
7. Enclosure movement by government
Describe "urbanization"
1. When people moved from a rural area to a city in search of jobs
The Proletariat
Who came up with the "assembly line"?
Henry Ford
economy where production of goods owned and controlled by society/government
Socialism
How did things improve during the Agricultural revolution?
1. crop rotation
2. improved farm machinery
3. Population increased as a result of having more food
4. Improvement of animal breeding
What were working conditions like during the industrial revolution? Name at least 2
1. Long hours
2. Low wages
3. child labor
4. Prone to accidents when working with dangerous machinery in factories, mines, and the railroad
money to invest in labor, materials and machines
Capital
What invention did Alexander Graham Bell invent?
The Telephone
Economic system in which private individuals own companies and compete with each other for customers
Capitalism
1. Why were coal and iron important resources during the Industrial Revolution
1. They were used to power up machines and used to build tools
Describe living conditions in "tenements"
1. Crowded apartments (5-8 people in one room)
2. No running water or sewage
3. No ventilation
Who was the "ruling class" according to Karl Marx?
The bourgeoisie
Why was the invention of the Cotton Gin so important?
1. Interchangeable parts
2. It led to the expansion of slavery
3. It increased the production of cotton
Philosophy that society's goal should be to bring happiness to the greatest number of people.
Utilitarianism
What did the Enclosure movement do?
It pushed peasants away from rural farms to cities
It made farms bigger to grow more food
What challenges did Labor Unions face?
1. Government sided with Factory owners
2. strikes were met with violence
3. Some countries did not allow people to form unions
Economic system in which businesses are privately owned and the goal is to make a profit
Capitalism
What invention was used to power up factories, trains, and ships?
Steam Engine
According to Marx, capitalism should be overthrown and replaced with a classless system similar to socialism
Communism
People that invest in new businesses are called...
Entrepreneurs
This factory owner wanted to improve the lives of his workers.
Robert Owen
economic system where production of goods owned and controlled by society/government
Socialism
How did the Spinning Jenny help?
1. You could spin several threads at once which sped up and increased production of textiles (cloth)