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37 Cards in this Set
- Front
- Back
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industrial revolution
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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
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factors of production: resources necessary for economic growth (5)
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1. natural resources
2. labor force 3. capitol 4. entrepreneurialism 5. government support |
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why britain led the way (5)
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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 |
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advantages to the industrial revolution
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-growth of cities
-wealth -new markets -jobs -new inventions -improved standard of living -middle class |
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disadvantages of the industrial revolution
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-over-crowded cities
-poor housing -poor sanitation -increased crime -abuse of children, labor (factory act of 1833) |
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need for unions
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to settle disputes between owners and workers:
-working conditions (no protections) -wages wages (not consistent and low) -work days/hours (long[sunrise to sunset]) |
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rules of government (3)
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1. command
2.free-market= laissez-faire 3. mixed |
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cartel
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a group of companies who organize to control production and prices
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corporation
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a buissness owned by stockholders who share in the profits but are personally responsible for its debts
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dividend
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profits payed to stockholders
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entrepreneur
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a person who organizes, manages, and takes on the risks of running a buissness
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free enterprize
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a competitive economic system based on private ownership and the principles of supply and demand*(capitolism)
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joint-stock enterprize
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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
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laissez-faire
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a belief in the absence of goevernment regulation of buissness
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mercantilism
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an economic theory under which a country increases its wealth by exporting more goods than it imports
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monopoly
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complete control over an industry, a product, or a service
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physiocrats
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an economic theorist who argues against government regulations and favored freedom of industry and trade
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standard of living
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a measure of the necessities and comforts accessible to a person or group
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stockholder
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owner of a corporation
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tariff
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a tax on good imported from another country
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trust
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a combination of companies merging together for the purpose of restricting or eliminating competition
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enclosure
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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
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crop rotation
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the systemof growing a different crop in a field each year to presearve the fertility of the land
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union
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a group of workers in a trade of industry who join together to bargain for better work conditions and higher wages
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scientific farming
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keeoping careful records or methods used on land
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spinning jenny
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a new spinning wheel that could work 6 or 8 threads at a time invented by JAMES HARGREAVES
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water frame
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used the waterpower from the fast-flowing streams to drive spinning wheels, invented by RICHARD ARKRIGHT
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spinning mule
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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
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power loom
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a mcahine invented to speed up weaving, used water power and invented by EDMUND CARTWRIGHT
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flying shuttle
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allowed to weavers to work twice as fast, invented by JOHN KAY
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cottin gin
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huge increase in cotton to boost textile industry, invented by ELI WHITNEY
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steam engine
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more practical transportation to industry, invented by JAMES WATT
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concrete roads
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easier to transport, invented by JOHN MCADAM
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train engine (uses coal)
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haul loads of matericals, invetned by RICHARD TREVITHICK
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railroad track
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industry effiency by transporting materials, invented by GEORGE STEPHENSON
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seed drill
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encouraged scientific famring, invented by JETHRO TULL
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crop rotation
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effient farming, invented by CHARLES TOWNSHEND
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