Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/14

Click to flip

14 Cards in this Set

  • Front
  • Back
1. What favorable conditions existed that allowed industrialization to begin in Britain?
a. Large population
b. Extensive natural resources
c. Political stability
d. Growing Overseas Trade
4. What advances in transportation aided the Industrial Revolution?
a. Invention of the steam engine
i. Locomotive
ii. Steamboat
5. What were the 4 major effects of the invention and perfection of the locomotive?
a. Railroads spurred industrial growth by giving manufactures a cheap way to transport materials and finished projects.
b. The railroad boom created hundreds of thousands of new jobs for both railroad workers and miners.
c. The railroads boosted England’s agricultural and fishing industry, which could transport their products to distant cities.
d. By making travel easier railroads encouraged country people to take distant city jobs
6. What factors led to urbanization? What problems result from urbanization?
a. The growth of the factory system
b. Poor living conditions, dark dirty shelters, very unsanitary conditions
7. Describe the working conditions of factory workers.
a. Dirty, unsafe and dangerous conditions
8. List 5 positive and 5 negative effects of the Industrial Revolution.
a. Positive
i. It fostered technological progress and invention
ii. Provided hope and improvement for help
iii. It created jobs for workers
iv. It expanded educational opportunities
v. It raised the standard of living.
b. Negative
i. Factories were dirty, unsafe and dangerous
ii. Factories’ workers were overworked and under paid.
iii. City lacked sanitary codes or building controls
iv. Housing, water, and social services are scarce.
v. Epidemic swept through the city.
9. List and explain Adam Smith’s three natural laws of economics.
a.) the law of self-interest – People work for their own good
b.) the law of competition – Competition forces people to make a better product
c.) the law of supply and demand – Enough goods would be produced at the lowest possible price to meet demand in a market economy.
10. Understand the following economic terms: private ownership, profit, free enterprise, consumer, competition, monopoly, “Invisible Hand”, laissez-faire, free trade.
a. Private Ownership – many companies were owned by private citizens
b. Profit – the money left after selling goods and paying for their production
c. Free Enterprise – the flow of commerce in the world market without government regulation
d. Consumer – people who bought goods
e. Competition – multiple companies making similar goods at similar prices (the idea of competition is key to Capitalism)
f. Monopoly – one company that dominates a market so much that they can control prices and quality without regard for the competition
g. “Invisible Hand” –
h. Laissez-Faire – Economic policy of letting owners of industry and business set working conditions without interference.
i. Free Trade – companies being able to sell their goods at whatever price they choose
12. Explain the basic ideas of Marxism. How would defenders of capitalism attack these ideas?
a. The public owns all factors of production and they operate for the good of all
i. Defenders of capitalism would argue that private enterprise and competition makes better products at a lower price
b. Economic forces alone dominate society
i. Defenders of capitalism would argue that other factors are just as important including religion, nationalism, ethnic loyalties and a desire for economic reforms.
are the flaws of socialism? What are the flaws of laissez-faire capitalism?
a. Lookup
b. The flaws of laissez-faire capitalism are mostly centered around protection of the working class and the creation of fair competition (no monopolies)
15. What were the ideas of: Adam Smith, Thomas Multhus, David Ricardo, John Stuart Mill, Utopian socialists, Karl Marx.
a. Adam Smith – laws of self-interest, competition, supply & demand
b. Thomas Multhus – the population would grow more rapidly than the food supply & without wars and epidemics most people would be poor & miserable
c. David Ricardo – agreed with Multhus but added that wages would be forced down as the population increased
d. John Stuart Mill – wanted more policies that helped the ordinary workers
e. Utopian socialists – everyone should be working together for the good of all
f. Karl Marx – Marx’s Communist Manifesto proposed that anything other than a complete socialistic society would fail because the workers would revolt against the owners and the government
16. Explain the significance of the terms bourgeoisie and proletariat.
a. Bourgeoisie – the owners & the middle class
b. Proletariat – the working class people
17. List 2 reasons workers joined unions during the Industrial Revolution. What weapons did they have? What weapons were used against them?
a. Because their collective bargaining power was much stronger as a group
b. Lookup #2
c. The unions’ main weapon was to strike and refuse to work
d. Not allowing unions to form
13. Make a chart explaining the differences between socialism and communism.
the biggest different is that