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MGS Industrial Revolution > Study Cards > Flashcards

Study Cards Flashcards

0
Q

What is collective barganining?

A

process of negotiation between union members and management

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1
Q

Who was Charles Townshend?

A

He implemented crop rotation

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2
Q

What is Commercial Capitalism?

A

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

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3
Q

What is Communism?

A

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

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4
Q

What is Corporation?

A

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.

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5
Q

What is crop rotation?

A

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

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6
Q

Who was Cyrus Field?

A

laid first transatlantic telegraph cable

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7
Q

Who was David Ricardo?

A

believed supply and demand should determine wages

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8
Q

What is Democratic Socialism?

A

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

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9
Q

What is a depression?

A

Lowest point of a business cycle

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10
Q

What is the Division of Labor?

A

characteristics of civilization in which different people preform different jobs

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11
Q

What is the Domestic System?

A

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

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12
Q

Who was Edmund Cartwright?

A

Inventor of the power loom

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13
Q

Who was Eli Whitney?

A

Invented the cotton gin

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14
Q

What was the enclosure movement?

A

practice of fencing or enclosing common lands into individual holdings

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15
Q

What are the Factors of Production?

A

basic resources necessary for industrialization

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16
Q

What is the Factory System?

A

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

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17
Q

What is Free Enterprise?

A

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

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18
Q

Who was Henry Bessemer?

A

developed cheaper process of producing steel

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19
Q

What is Industrial Capitialism?

A

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

20
Q

What was the Industrial Revolution?

A

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

21
Q

Who was James Hargreaves?

A

Invented the Spinning Jenny

22
Q

Who was James Watt?

A

developed the steam engine

23
Q

Who was Jethro Tull?

A

Invented the Seed Drill

24
Q

Who was Jethro Wood?

A

Invented iron plow with standard parts

25
Q

Who was John Kay?

A

Invented the Flying Shuttle

26
Q

Who was John McAdam?

A

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

27
Q

Who was Karl Marx?

A

Co-author of “Communism Manifesto” and the founder of Communism

28
Q

What is Laissez-fire?

A

Belief that the government should not interfere with operations of business

29
Q

What is Mass Production?

A

System of manufacturing large numbers of identical items

30
Q

What is Mechanization?

A

Use of automatic machinery to increase production

31
Q

What is a Monopoly?

A

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

32
Q

What is a partnership?

A

business owned and controlled by two or ore people

33
Q

What is a Proletariat?

A

name given by Marx to the working class

34
Q

Who was Richard Arkwright?

A

Invented water frame and opened the first spinning mill

35
Q

Who was Robert Fulton?

A

Used steam engine to establish the first regular steamboat service

36
Q

Who was Samuel Crompton?

A

Invented spinning mule

37
Q

Who was Samuel Morse?

A

Invented Morse code and the telegraph

38
Q

What is Socialism?

A

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

39
Q

What is Sole Proprietorship?

A

business owned and controlled by one person

40
Q

What is a strike?

A

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

41
Q

What is a Union?

A

associations of workers that plan actions and coordinate demands for workers

42
Q

What is Utilitarianism

A

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

43
Q

Who was Alexander Graham Bell?

A

invented the telephone

44
Q

What is Authoritarian Socialism?

A

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

45
Q

What is the Bourgeoisie?

A

city dwelling middle class in Marxist philosophy

46
Q

What is the business cycle?

A

pattern of consisting of alternating periods of prosperity and decline.

47
Q

What is Capitalism?

A

private individuals control the factors of production.

48
Q

What is a Cartel?

A

Combinations of corporations that control an entire industry

MGS Industrial Revolution (1 decks)

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