History test (10-29-24) Flashcards
What is the industrial revolution
A period in time where major changes like machines and such started coming to big factories
What is crop rotation
growing a series of different crops in the same area across land to improve the soil
What is factories
A building where goods are manufactured or assembled by a machine/person
What is urbanization
An increase in where people move to cities and make an area more urban
What is stock
Goods/merchandise kept on the premises of a business or warehouse for sale or distribution
What is corporation
a group of people that is separate from its ownerssez
what is laissez faire
“allow to do” “let people do as they choose” Government policy should not interfere in the natural economic
Who is Adam smith
18th-century Scottish economist, philosopher, and author who is considered the father of modern economics.
Who is Karl Marx
was a philosopher, author, social theorist, and economist. He is famous for his theories about capitalism, socialism, and communism.
What is Capitalism
A countries trade and industry are controlled by private owners for profit
What is socialism
A way to organize society
What is communism
a type of government as well as an economic system (a way of creating and sharing wealth)
In which country did the industrial revolution begin? In which time period
It began in England. In the middle 1700’s
What are the factors of production known as
Land,labor and capital
Why was crop rotation important
Farmers plated different crops to restore nutrients
why was the textile industry important
First industry to be transformed Britain and made clothes for the world
How did Eli Whitney contribute to industrialization
Invented the cotton gin - cotton
Production would end of skyrocketing because of that invention
Why is important to have entrepreneurs in industry
They take the risk to start a business industry
How did urbanization impact industrialization
Many people moved to cities for jobs and factories
What were some of the negative effects of urbanization
Poor living conditions, minimum wage, bad treatment of the workers
What was the typical day for a child labor
Work 16 hours day, treated worse that adults (sometimes), minimum wage, unsafe working enviroments
Which class of society benefited from industrialization? How?
Middle class transformed structure of societies
What were some of the positive effects of industrialization
created jobs, wealth and increased standard in living
What impact did corporations have on American society
Raised large amounts of capital and invest in more industry
