steam engines
when and who realized the potential in steam power
1647-1714
Denis Papin
where was it found
underground near the shores of England
place of production
Cottages
Factories
quantity produced
small
large
how did entrepreneurs get their factories started
they either borrowed from the bank or divided capital
who invented the steam engine and when
1712 by Thomas Newcomen
what was a major problem when coal mining first started
water would fill up the mines due to it being near the shores
Labour
Artisans
Factory workers
Cost of production
High
Low
what is an entrepreneur
Someone who starts or organizes a business or a factory
What part did it take in helping coal mining
it pumped water out of the mine shafts
3 main uses of coal
Running steam engines
Heating houses
Melting iron in iron foundries
Tools used
manual tools
Machines
Market
Local
Local and foreign
what is capital
Money need to finance and operate a business
what were the two main things used by a steam engine to make it work
Coal and water
the name of an area with a lot of coal together
a vein of coal
Skills needed
specialized
unspecialized
where were the good sold
overseas and at home+ retail stores
what is capitalism
the economic system of investing capital in companies for the sake of profit
who improved Newcomen's steam engine
James Watt
why was coal better then wood
it burned hotter and costed a lot less then wood
speed of production
Slow
Fast
Mass consumption
when did it begin
the 15th-16th centuries