Chapter 13 Fill in the Blank Flashcards
Richard Arkwright invented a way to drive a spinning machine by waterpower, which resulted in the beginning of the modern
factory system
The Industrial Revolution began in Great Britain because that country had the necessary combination of land, capital, and labor, or what economists call the
factors of production
Eli Whitney’s allowed the southern United States to become the cotton-producing center of the world
cotton gin
American engineer built the first profitable steamboat, the Clermont
Robert Fulton
In 1844 Samuel F. B. Morse put electricity to practical use by inventing the ,which revolutionized communications
telegraph
the idea that government should not meddle in the operations of business, and means “let it be” in French
laissez-faire
a process of negotiation in which unions and management come to agreement on working conditions, wages, and hours
collective bargaining
reasoned that two natural laws govern all economic activity- the law of supply and demand and the law of competition
Adam Smith
argued that population increases present the greatest obstacle to human progress
Thomas Malthus
a method of collective action in which workers stop working to protest unfair conditions
strike
the belief that economic forces work best if producers simply do business for their own gain, without government controls
free enterprise
The capital and equipment used to produce and exchange goods are called the
means of production
Karl Marx saw the capitalist stage of the 1880s as a struggle between the owners of the means of production, or bourgeoisie, and the working class or
proletariat
The political and economic system in which the government owns the means of production and operates them for the benefit of all people, rich or poor, is called
socialism
said, “From each according to his abilities, to each according to his needs.”
Karl Marx
