Industrial Revolution Flashcards
What machine did Arkwright create?
The water frame.
James Watt’s machine?
The steam engine
What machine did Fulton make?
The steamboat.
What machine did Eli Whitney make?
The cotton gin.
What did Cyrus McCormick make?
The mechanical reaper.
What did John Deere make?
The plow/tractor.
What did Thomas A. Edison design?
The first working lightbulb.
Define Capitalism.
The economic system in which wealth/means of production is privately owned, and used to make a profit.
Define: Laissez-faire.
The belief that the government should stay out of business affairs.
What was the name of the book written by Adam Smith?
The Wealth of Nations
What is a monopoly?
A monopoly is when a company controls an entire industry.
What was the name of Rockefeller’s company, and what did it control?
The company was called Standard Oil, and it controlled all of the refining processes.
What two laws did Adam Smith write about in his book?
The laws of supply and demand, and competition
Define socialism.
The belief that the government should own most major means of production, which operate for the good of the people.
Name a utopian socialist and the place where it worked on a small scale.
Robert Owen, and it worked in New Harmony, Indiana.
