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37 Cards in this Set

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industrial revolution
radical, social, and economical changes (late 18th and 19th centuries) brought about when extensive mechanism of production systems results in a shift from home manufacturing (cottage industries) to large factory production
factors of production: resources necessary for economic growth (5)
1. natural resources
2. labor force
3. capitol
4. entrepreneurialism
5. government support
why britain led the way (5)
1. abundant natrual resources (caol and water power)
2. favorable geography (harbors and rivers)
3. enterpreneurs
4. healthy and stable banking system
5. political stability
advantages to the industrial revolution
-growth of cities
-wealth
-new markets
-jobs
-new inventions
-improved standard of living
-middle class
disadvantages of the industrial revolution
-over-crowded cities
-poor housing
-poor sanitation
-increased crime
-abuse of children, labor (factory act of 1833)
need for unions
to settle disputes between owners and workers:
-working conditions (no protections)
-wages wages (not consistent and low)
-work days/hours (long[sunrise to sunset])
rules of government (3)
1. command
2.free-market= laissez-faire
3. mixed
cartel
a group of companies who organize to control production and prices
corporation
a buissness owned by stockholders who share in the profits but are personally responsible for its debts
dividend
profits payed to stockholders
entrepreneur
a person who organizes, manages, and takes on the risks of running a buissness
free enterprize
a competitive economic system based on private ownership and the principles of supply and demand*(capitolism)
joint-stock enterprize
a buissness arrangement in which many investors together raise money for a venture too large for any of them to undertake alone, they share the profits in proportion to the amount they invest
laissez-faire
a belief in the absence of goevernment regulation of buissness
mercantilism
an economic theory under which a country increases its wealth by exporting more goods than it imports
monopoly
complete control over an industry, a product, or a service
physiocrats
an economic theorist who argues against government regulations and favored freedom of industry and trade
standard of living
a measure of the necessities and comforts accessible to a person or group
stockholder
owner of a corporation
tariff
a tax on good imported from another country
trust
a combination of companies merging together for the purpose of restricting or eliminating competition
enclosure
the process by which wealthy landowners buy the open fields in a village, fence them, and then rent them to tenant farmers, who work the land
crop rotation
the systemof growing a different crop in a field each year to presearve the fertility of the land
union
a group of workers in a trade of industry who join together to bargain for better work conditions and higher wages
scientific farming
keeoping careful records or methods used on land
spinning jenny
a new spinning wheel that could work 6 or 8 threads at a time invented by JAMES HARGREAVES
water frame
used the waterpower from the fast-flowing streams to drive spinning wheels, invented by RICHARD ARKRIGHT
spinning mule
a mcahine combined be the spinning jenny and water frame to make thread stronger, finer, and more even than in the past, invented by SAMUEL CROMPTON
power loom
a mcahine invented to speed up weaving, used water power and invented by EDMUND CARTWRIGHT
flying shuttle
allowed to weavers to work twice as fast, invented by JOHN KAY
cottin gin
huge increase in cotton to boost textile industry, invented by ELI WHITNEY
steam engine
more practical transportation to industry, invented by JAMES WATT
concrete roads
easier to transport, invented by JOHN MCADAM
train engine (uses coal)
haul loads of matericals, invetned by RICHARD TREVITHICK
railroad track
industry effiency by transporting materials, invented by GEORGE STEPHENSON
seed drill
encouraged scientific famring, invented by JETHRO TULL
crop rotation
effient farming, invented by CHARLES TOWNSHEND