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24 Cards in this Set
- Front
- Back
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What was the goal of Europe and America during the 19th century with new technology and simple guesswork?
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to discover something new
(new could mean something new or something improved) |
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What important inventions were made?
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steam locomotive, electrical generators, telephones and automobiles
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What aspect of life was most affected by the new inventions?
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transportation
(people could travel farther and faster) |
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What invention affected communication?
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the telegraph
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At the end of the 19th century, ___ ____ invented the telephone.
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Alexander Graham Bell
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What important inventions greatly affected printed communications?
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the typewriter and the camera
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How did the typewriter and camera change women's lives?
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Provide jobs outside the home to women in offices.
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What two metals became more accessible to factories and homes?
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cast iron and steel
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What two major problems faced the early industrialists?
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1.production
2.marketing |
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___ includes designing or inventing new products.
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Production
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What does marketing mean?
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1. setting prices for the product
2. advertising 3. finding markets for the product 4.transporting the products |
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In _____, all property is owned by private businessman or a group of businessmen.
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capitalism
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Business property is called ____.
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capital
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Capitalism thrives on_____
(businessmen trying to outdo each other). |
competition
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In marketing, capitalism thrives on ____ and _____.
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supply and demand
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______ is how much there is of a product.
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Supply
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______ is how many people want it or need it.
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Demand
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The product's price depends on what?
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The demand for the product by customers.
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As the price of a product decreases, the demand for the product will __.
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increase
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As the price of a product increases, the demand for the product will ____.
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decrease
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Capitalism works best when there is __ __.
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free trade
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What is free trade?
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The trading of goods without taxing them.
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What country lead the free-trade movement by trading freely with their colonies?
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Great Britain
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Capitalism discourages ___ ____.
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government interference
(government involvement) |
