Chapter 13 Fill in the Blank Flashcards

1
Q

Richard Arkwright invented a way to drive a spinning machine by waterpower, which resulted in the beginning of the modern

A

factory system

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2
Q

Eli Whitney’s allowed the southern United States to become the cotton-producing center of the world

A

cotton gin

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3
Q

American engineer built the first profitable steamboat, the Clermont

A

Robert Fulton

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4
Q

In 1844 Samuel F. B. Morse put electricity to practical use by inventing the ,which revolutionized communications

A

telegraph

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5
Q

the idea that government should not meddle in the operations of business, and means “let it be” in French

A

laissez-faire

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6
Q

a process of negotiation in which unions and management come to agreement on working conditions, wages, and hours

A

collective bargaining

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7
Q

reasoned that two natural laws govern all economic activity- the law of supply and demand and the law of competition

A

Adam Smith

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8
Q

argued that population increases present the greatest obstacle to human progress

A

Thomas Malthus

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9
Q

a method of collective action in which workers stop working to protest unfair conditions

A

strike

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10
Q

the belief that economic forces work best if producers simply do business for their own gain, without government controls

A

free enterprise

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11
Q

The capital and equipment used to produce and exchange goods are called the

A

means of production

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12
Q

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

A

proletariat

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13
Q

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

A

socialism

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14
Q

said, “From each according to his abilities, to each according to his needs.”

A

Karl Marx

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15
Q

The economic and political system in which governments own the mans of production and control all economic planning is known today as , or authoritarian socialism

A

communism

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16
Q

The Industrial Revolution began in Great Britain because that country had the necessary combination of land, capital, and labor, or what economists call the

A

factors of production