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22 Cards in this Set
- Front
- Back
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earliest industry affected by mechanization?
industrialization most benefited the __________ |
textile
middle class |
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Capitalism
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the economic system in which private owners or individuals control the factors of production
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item scarce and in demand =
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price rises
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industrial revolution began in
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Great Britain
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socialism
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the political and economic system in which the government owns the means of production and operates them for the welfare of the people
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the _______ revolution preceded the ___________ revolution
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agricultural
industrial |
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3 factors of production
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1. resources (land)
2. capital (money) 3. abundant labor force |
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Karl marx believed that the inevitable final stage of human history would be pure communism =
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each person would contribute their best and receive what they need
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lives changed because people
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moved from rural areas to cities
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cotton gin did what
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separated the seeds from the cotton
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first factories developed in the ___________ industry
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textile
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thomas malthus discouraged vaccines because
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they kept the population under control
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David Ricardo's "Iron Law of Wages" says wages will never increase as long as there are more
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workers than jobs
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the economic view of the utilitarians (Jeremy Bentham)
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"The greatest happiness for the greatest number"
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slave trade brought more
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capital
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development of steam power enabled the growth of the
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transportation industry
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putting out system
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method of producing cloth in individual homes
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working class =
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tenements
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industrial revolution =
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increase in standard of living
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according to laissez-faire economists, poverty could only be cured by
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a free market
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Jeremy Bentham believed that laws should be judged by whether they bring more
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pleasure than pain
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according to socialists, the solution to poverty and injustice was
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shared ownership by the people of the means of production
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