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16 Cards in this Set
- Front
- Back
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What was the industrial revolution? |
Greatly increased output of machine made goods. |
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What was socialism? |
Factories are owned by, for people |
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What is capitalism? |
Privately owned, the government plans the economy. |
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What is laissez faire? |
Natural laws |
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Who was Adam Smith? |
The wealth of nations author Free markets- buy sell whatever |
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What's an advantage of stocks? |
Less risks for debts. |
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What is crop rotation? |
Reusing soil but by switching crops each year. Better soil |
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What is needed for industries? |
Land, labor, entrepreneurs and capital |
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What are enclosures?What did they lead to? |
Larger fields with gates and fences. They lead to experimentation and some urbanization |
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What are factories? |
Buildings that contain machinery for manufacturing. |
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What was the it that people were not allowed to do during the industrial revolution in Britain? |
They were not allowed to leave Britain if they had repaired, created, or did anything with any of the Machines. |
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Who was the person that left England secretly and made America a textile mill? |
Samuel Slater |
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Why were entrepreneurs important? |
They used the factors if production to start factories and industries. |
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What did the upper class think of the middle class? |
The looked down at them. |
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What was the first type of industry? |
Textiles |
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What were three effects of agricultural revolutions? |
- population growth -demand for goods -farmers moved to cities |
