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22 Cards in this Set

  • Front
  • Back
earliest industry affected by mechanization?
industrialization most benefited the __________
textile

middle class
Capitalism
the economic system in which private owners or individuals control the factors of production
item scarce and in demand =
price rises
industrial revolution began in
Great Britain
socialism
the political and economic system in which the government owns the means of production and operates them for the welfare of the people
the _______ revolution preceded the ___________ revolution
agricultural

industrial
3 factors of production
1. resources (land)
2. capital (money)
3. abundant labor force
Karl marx believed that the inevitable final stage of human history would be pure communism =
each person would contribute their best and receive what they need
lives changed because people
moved from rural areas to cities
cotton gin did what
separated the seeds from the cotton
first factories developed in the ___________ industry
textile
thomas malthus discouraged vaccines because
they kept the population under control
David Ricardo's "Iron Law of Wages" says wages will never increase as long as there are more
workers than jobs
the economic view of the utilitarians (Jeremy Bentham)
"The greatest happiness for the greatest number"
slave trade brought more
capital
development of steam power enabled the growth of the
transportation industry
putting out system
method of producing cloth in individual homes
working class =
tenements
industrial revolution =
increase in standard of living
according to laissez-faire economists, poverty could only be cured by
a free market
Jeremy Bentham believed that laws should be judged by whether they bring more
pleasure than pain
according to socialists, the solution to poverty and injustice was
shared ownership by the people of the means of production