Study Cards

Question 0

What is collective barganining?

Answer 0

process of negotiation between union members and management

Question 1

Who was Charles Townshend?

Answer 1

He implemented crop rotation

Question 2

What is Commercial Capitalism?

Answer 2

Early phase of Capitalism involving merchants who bought, sold, and exchanged goods

Question 3

What is Communism?

Answer 3

Economic/Political System in which the government owns almost all the means of production and controls economic planning authoritarian socialism

Question 4

What is Corporation?

Answer 4

Business organization in which individuals buy shares of stock, elect directors to decide policies and hire managers, and receive dividends according to the number of shares owned.

Question 5

What is crop rotation?

Answer 5

The practice of alternating crops of different kinds to preserve soil fertility

Question 6

Who was Cyrus Field?

Answer 6

laid first transatlantic telegraph cable

Question 7

Who was David Ricardo?

Answer 7

believed supply and demand should determine wages

Question 8

What is Democratic Socialism?

Answer 8

government takes over means of production peacefully, people retain basic human rights and partial control of economic planning.

Question 9

What is a depression?

Answer 9

Lowest point of a business cycle

Question 10

What is the Division of Labor?

Answer 10

characteristics of civilization in which different people preform different jobs

Question 11

What is the Domestic System?

Answer 11

method of production in which work is done in homes rather than in a shop or factory

Question 12

Who was Edmund Cartwright?

Answer 12

Inventor of the power loom

Question 13

Who was Eli Whitney?

Answer 13

Invented the cotton gin

Question 14

What was the enclosure movement?

Answer 14

practice of fencing or enclosing common lands into individual holdings

Question 15

What are the Factors of Production?

Answer 15

basic resources necessary for industrialization

Question 16

What is the Factory System?

Answer 16

production of goods in factory through the use of machines and a large number of workers

Question 17

What is Free Enterprise?

Answer 17

Economic system based on supply, demand, and competition, where laws and regulations are thought to interfere with the working system.

Question 18

Who was Henry Bessemer?

Answer 18

developed cheaper process of producing steel

Question 19

What is Industrial Capitialism?

Answer 19

type of Capitalism when Capitalists were involved in producing and manufacturing goods themselves

Question 20

What was the Industrial Revolution?

Answer 20

changes in the 1700s when power-driven machines began to do much of the work that people had done before

Question 21

Who was James Hargreaves?

Answer 21

Invented the Spinning Jenny

Question 22

Who was James Watt?

Answer 22

developed the steam engine

Question 23

Who was Jethro Tull?

Answer 23

Invented the Seed Drill

Question 24

Who was Jethro Wood?

Answer 24

Invented iron plow with standard parts

Question 25

Who was John Kay?

Answer 25

Invented the Flying Shuttle

Question 26

Who was John McAdam?

Answer 26

Developed method of building better roads by laying stones on each other.

Question 27

Who was Karl Marx?

Answer 27

Co-author of "Communism Manifesto" and the founder of Communism

Question 28

What is Laissez-fire?

Answer 28

Belief that the government should not interfere with operations of business

Question 29

What is Mass Production?

Answer 29

System of manufacturing large numbers of identical items

Question 30

What is Mechanization?

Answer 30

Use of automatic machinery to increase production

Question 31

What is a Monopoly?

Answer 31

complete control of the production or sale of a good or service by a single firm

Question 32

What is a partnership?

Answer 32

business owned and controlled by two or ore people

Question 33

What is a Proletariat?

Answer 33

name given by Marx to the working class

Question 34

Who was Richard Arkwright?

Answer 34

Invented water frame and opened the first spinning mill

Question 35

Who was Robert Fulton?

Answer 35

Used steam engine to establish the first regular steamboat service

Question 36

Who was Samuel Crompton?

Answer 36

Invented spinning mule

Question 37

Who was Samuel Morse?

Answer 37

Invented Morse code and the telegraph

Question 38

What is Socialism?

Answer 38

political and economic system in which the government owns the means of production.

Question 39

What is Sole Proprietorship?

Answer 39

business owned and controlled by one person

Question 40

What is a strike?

Answer 40

bargaining method involving the refusal of workers to work until their demands have been met

Question 41

What is a Union?

Answer 41

associations of workers that plan actions and coordinate demands for workers

Question 42

What is Utilitarianism

Answer 42

belief that the principle utility, or usefulness, was the standard by which to measure a society and its laws

Question 43

Who was Alexander Graham Bell?

Answer 43

invented the telephone

Question 44

What is Authoritarian Socialism?

Answer 44

government owns almost all the means of production and controls economic planning.

Question 45

What is the Bourgeoisie?

Answer 45

city dwelling middle class in Marxist philosophy

Question 46

What is the business cycle?

Answer 46

pattern of consisting of alternating periods of prosperity and decline.

Question 47

What is Capitalism?

Answer 47

private individuals control the factors of production.

Question 48

What is a Cartel?

Answer 48

Combinations of corporations that control an entire industry