U7 L2 England: Fires Of Continuation Flashcards
Before the Industrial Revolution, how did people (craftsmen) work?
- set own hours
- used own tools
- food grown in family garden
- independent and self-sufficient
- work at pace best suited for them
- ran business at home or nearby workshop
Where were factories initially located?
near water bodies to run machines
What is capital?
amount of property/money available for use in business
What is a capitalist?
- person who has a capital invested in a business
- engages in free enterprise
What is a stockholder?
- someone who purchased stock (aka shareholder)
- part owners of business
- lost when company lost
- receives percentage of business profits
Because setting up a factory and business required a lot of money, what did several businesses combine to gather?
capital
What is the aristocracy?
small privileged class of nobility, the wealthy
Who did financial support come from?
merchants who were wealthy through trading during previous years
What citizen class were most merchants from?
middle-class
Who did the upper class consist of?
nobility and aristocracy
How did the upper class make their fortune?
owning land (bc they were like ‘ugh dirty work and factories, how utterly mundane, but then they saw the middle-class pulling in the stacks and they were like o-0)
What were the two groups people that were categorized into in Factories?
- directing work
- performing tasks
What was the difference between the salaries of those who administered work and did the work in factories?
A- monthly/yearly salary
D- daily/weekly wages
Who were among the original factor workers?
-Beggars
-street people
-women
-children
(soon joined by skilled workers)
What were the positive advantages of factories?
- jobs for unemployed
- self employed were provided steady paychecks
- economic conditions improved
- increased productivity