Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
38 Cards in this Set
- Front
- Back
|
What is mechanization?
|
Process in which machines help produce products more efficiently.
|
|
|
What are the three Factors of Production?
|
Land, Labor, and Captial
|
|
|
What was the Agricultural Revolution?
|
Time when farming changed due to improvements, causing many farmers to leave their farms and work in the cities.
|
|
|
What were three economic systems that we studied during this chapter?
|
Socialism, Capitalism, and Laissez-Faire
|
|
|
What did Eli Whitney invent?
|
He invented the cotton gin.
|
|
|
What is capitalism?
|
An economic system where the individuals own and operate the factors of production (not the government)
|
|
|
What is socialism?
|
An economic system where the government owns and operates the factors of productions (not individuals)
|
|
|
What 2 things did Samuel Morse invent?
|
He invente the telegraph and Morse Code.
|
|
|
What does the term textile refer to?
|
Cloth
|
|
|
What is the enclosure movement?
|
Process by which common lands were fenced off into individual plots.
|
|
|
What was the Industrial Revolution?
|
Era of rapid industrial development (drastic change in industry) that begin in Great Britain.
|
|
|
What is Laissez-Faire?
|
A government that does not meddle in business or the lives of its citizens.
|
|
|
What is Proletariat?
|
It is a term used to refer to the working class.
|
|
|
What is democratic Socialism?
|
Citizens vote for leaders, leaders control businesses
|
|
|
What is communism?
|
Government has complete control of business and the lives of its people.
|
|
|
Who is the known as the founder of socialism?
|
Karl Marx
|
|
|
Which economic theorist stated " From each according to his abilities, to each according to his needs"?
|
Karl Marx
|
|
|
Who believed that a capitalist society would split into two economic classes: the very rich and the very poor?
|
Karl Marx
|
|
|
What Scottish economist wrote the book: The Wealth of Nations?
|
Adam Smith
|
|
|
What is the name given to the system of producing large numbers of identical items?
|
Mass Production
|
|
|
What is the name of the American inventor of the cotton gin?
|
Eli Whitney
|
|
|
What was the enclosure movement?
|
Process by which common lands were fenced off into individual holdings.
|
|
|
What is the Bessemer process?
|
The process of producing steel by forcing air through molten metal to burn out impurities.
|
|
|
What did English landowner Jethro Tull invent?
|
He invented a seed drill that made it possible to plant seeds in straight rows. He also invented the horse-drawn hoe.
|
|
|
Who was the American engineer who was the first to build a profitable steamboat?
|
Robert Fulton
|
|
|
Who was the American that invented the telegraph and a system for encoding the alphabet?
|
Samuel Morse
|
|
|
Who owns the means of production in a capitalist system?
|
private owned
|
|
|
What is a corporation that controls every stage of an entire industry?
|
Cartel
|
|
|
What is the use of automatic machinery to increase production called?
|
mechanization
|
|
|
What is the last stage of socialism which is characterized by a classless society called?
|
Pure communism
|
|
|
What is collective bargaining?
|
Negotiation between labor unions and employers.
|
|
|
What is the business cycle?
|
Alternating periods of prosperity and economic decline.
|
|
|
Who patented the modern steam engine?
|
James Watt
|
|
|
True or False?
Women and children received the same pay fo their work that men did. |
False
Pay fluctuated with age but generally women and children made less than men. |
|
|
True or False? France, Germany & other European countries were slower to industrial than Great Britain.
|
True
The wars following the French Revolution had disrupted their economies. |
|
|
What is a monopoly?
|
A corporation that almost completely controls the production or sale of a single good or service.
|
|
|
True or False?
By the end of the Middle Ages, transportation in Europe was greatly improved. |
False
|
|
|
What is the law of supply and demand?
|
When there is not enough of an item to meet the demand, the manufacturer can charge more for the item, and the manufacturer's profits rise.
|
