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38 Cards in this Set
- Front
- Back
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Explain how a system of paper money and modern baking came into being in Great Britain?
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With decades worth of good weather, there was a surplus of crops, so people were eating well. They were living longer, producing more, and the country's economy was doing well. There was a surplus of money, so people needed some way to represent all that they owned and held in savings.
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Who were the dissenters?
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Members of the Unitarian and Congregationalist churches who refused to sign an oath to the Church of England
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What economic contribution did the dissenters make to Great Britain at the onset of the Industrial Revolution?
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brought banking to rural areas
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How were roads improved right before the Industiral Revolution?
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the dissenters, wanting to bring banking to the rural areas, paid Irish laborers to make necessary road repairs
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How did the steam engine make industrial activity easier?
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It eliminated the need for hydropower, which was sometimes difficult to acquire.
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List 5 advantages Great Britain had economically that promoted the Industrial Revolution.
Choose one and explain WHY |
labor supply
natural resources capital entrepreneurs transporation markets government support |
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What was the enclosure movement and how did it contirbute to the Industrial Revolution?
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The enclosure movement referred to a new type of agriculture in which large amounts of formerly public land would be enclosed for some agricultural purpose. This took away space where small-scale farmers could once take their animals and graze them. As farming became more difficult with less space, people moved into the cities, where they looked for other work...ie factories.
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What is a domestic system?
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an economy in which workers do most work in their homes
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What is the factory system and how did it develop?
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The factory system evolved when production began being done by machines rather than by hand. People couldn't house machines at their houses, so they began going to work at factories, where the machines were.
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What is the Bessemer process?
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a method of making steel from iron
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Who were the Luddites?
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in a general sense, opponents of technological change
in a specific/historic sense, the bands of working class Englishmen who destroyed industrial machinery in the 1800s |
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trade
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the commercial exchange of goods and services
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imports
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products purchased from abroad
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exports
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products sold to a foreign country
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factors of production
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considerations that affect the volume of production/manufacturing in a country
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capital
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money to be used to amass wealth
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natural resources
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natural possessions of a country that can be sold or used in production
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labor
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people available to work
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entrepreneurs
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people who will pursue innovative moneymaking ideas
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GDP (Gross Domestic Product)
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the value fo all goods and services produced in a country in a given year
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GDP per capita
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Gross domestic product (divided by) population
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tariff
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tax on import
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taxes
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financial charge owed to the government
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demand
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the desire for products
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supply
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the availability of products
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wages
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money paid to workers for their servies
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opportunity cost
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what is given up to attain something
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profit
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the excess of revenues after expenses are paid
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shortage
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not having enough
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surplus
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having more than enough
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subsidy
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money paid, usually by the government, to a person or group to aid them in an endeavor that benefits the public
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productivity
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the amount of output per unit of input
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economies of scale
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an economy operating according to the law of supply and demand
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comparative advantage
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the ability to produce goods at a lower cost than another country
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monopoly
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situation in which one company gets all income in an industry
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fixed costs
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do not vary
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variable costs
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change
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inflation
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an increase in the price level of goods and services over time
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