Ch 9 Flashcards
Urbanization is…
City building and the movement to these cities
What was the Industrial Revolution?
The great increase of manufactured goods beginning in England in the 1700s
Factors to production?
Land
Labor
Capital (monayyyyyy)
How were wealthy members of the middle class viewed?
Although many believed they were of the same rank as nobility, nobles believed they were filthy and impure.
What had mean old Mr. Britain done to keep all the industrial revolution secrets to himself?
Forbade engineers, mechanics, and tool-makers to leave the country.
Samuel slater emigrated into the US and intro. a partial design of a spinning machine BY MEMORY
What is a stock and stockholder?
Stock is a certain right of ownership which entrepreneurs role to raise money for high cost activity.
Stockholder is anyone who owns stock and is part of that corporation.
What is Laissez-Faire?
Economic policy that lets owners of industry and business set working conditions w/o interference
Favors free market unregulated by government
Supported by Adam Smith, professor at University of Glasgow
Capitalism is…
An economic system where the factors of production are privately owned and money is invested in business ventures for profit.
Utilitarianism is…..
Philosophy that people should judge ideas, institutions, and actions on the basis of their utility/usefulness.
Who’s Karl Marx?
Man who believed that the Revolution had helped the rich and impoverished the poor.
Marxism
Reform movements include…
- Abolition of slavery
- Women’s rights
- improving workplace
- extending right to vote to working class men
