Vocab 1
The way a country manages its money and resources to produce, buy, and sell goods and services
Economics
An economic system based on community ownership of property and industry.
What is communist/communism
One of the kindest factory owners, he believed that the rich should willingly share their money with the poor. He founded the town of new harmony to be his ideal community that was not successful
Who is Robert Owen
Idealistic; Usually describes beliefs about the perfect society
What is utopian?
Families who couldn't pay their bills were sent here
Poorhouse
The buying and selling of goods and sevices;trade
Commerce
An economic system in which major industries are owned and regulated by the government, rather than by private businesses
What is Socialism?
An organization formed by workers to win and protect workers' rights
What is a union?
Name at least one of the new inventions created during the industrial revolution
What is the spinning Jenny, the cotton gin, waterwheels,ect
A jail for people who could not pay money that they owed
What is debtors prison?
An economic system that aims to increase a countrys wealth and power by controlling trade and people
What is Mercantilism
The 'father of communism'. He thought that capitalism would fall to a revolution
Who is Karl Marx
The amount of goods and services available to buy compared with the amount that people want to buy
What is supply and demand?
What was the utopian town Robert Owen attempted to make but was unsucessful?
What is New Harmony?
A rise in prices and a fall in the purchasing value of money
What is inflation
An economic system in which resources and businesses are privately owned and not controlled by the government
What is Capitalism?
He wrote Wealth of Nations. He believed in laissez-faire, or the belief that the government should leave the businesses alone and wrote about supply and demand and the division of labor.
Who is Adam smith?
A philosophy that calls for very little or no government involvement in the economy
What is Laissez-faire
Bonus question number 2!
Who are the three Schuyler sisters?
In the early 1800s, a person who protested against industrialization by destroying machines factories;today this word refers to someone who is opposed to new ideas or technologies
Luddite
A system of representative government that uses elements of capitalism and socialism to govern the economy
What is social democracy?
The 17 year old girl who was interviewed on her working conditions by Lord Ashley in 1842 to gather information on Child labor
Who is Patience Kershaw?
A person who puts money into a business with the goal of later making a profit
Investor
How are cities now different from cities back then
They are larger with taller buildings made of more modern materials, the streets are crowded with cars and people, and a lot of new technology are found everywhere