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History 10 > Unit 2 Industrial Revolutiom > Flashcards

Unit 2 Industrial Revolutiom Flashcards

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1
Q

A study of the way societies make decisions about goods and services to meet citizens want and needs?

A

ECONOMIC

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2
Q

Measurement of the consumption of goods and services that individuals or groups achieve?

A

STANDARD OF LIVING

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3
Q

Was a British iron master. 1st to melt Iron w/ coke?

A

ABRAHAM DARBY

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4
Q

Was the great Staffordshire iron-master. Who found new ways to use iron?
*cast-iron

A

JOHN WILKINSON

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5
Q

English iron-master

Begin refining iron from pig iron to wrought iron using innovative productive systems

A

Henry Cort

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6
Q
  • *Was an ironmonger

* *Created the first practical steam engine

A

THOMAS NEWCOMEN

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7
Q

**Improved Thomas Newcomen’s steam engine

A

JAMES WATT

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8
Q

Constructed the Canal for Coal transportation

A

DUKE OF BRIDGEWATER

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9
Q

Invented the first high pressure steam, steam locomotive

A

RICHARD TREVITHICK

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10
Q

Father of railways

A

GEORGE STEPHENSON

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11
Q
  • *A Philanthropist

* *Improved the working conditions of his factory worker

A

ROBERT OWEN

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12
Q
    • A Philanthropist
    • business man who brought social conscience to capitalism
    • created a society to house his workers
    • Made salt mill
A

TITUS SALT

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13
Q

**developed the Bessemer process for the manufacture of steel

A

HENRY BESSEMER

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14
Q

**Introduxtion of the Model T Automobile revolutionized transportation and American industry

A

HENRY FORD

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15
Q

1st Law of Adam Smith

A

LAW OF SELF INTEREST

Ex: drug dealers

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16
Q

Who is Adam Smith?

A

FATHER OF MODERN ECONOMICS

17
Q

2nd Law of Adam smith

A

LAW OF SUPPLY AND DEMAND

Ex: limited edition

18
Q

3rd law of Adam smith

A

LAW OF COMPETENCE

Ex: McDonald’s

19
Q

What is Law of self interest?

A

People act in their own self interest

20
Q

What is the Law of competence

A

Process people to make better product

21
Q

Humans wants will always exceed the resources available to fulfill those wants

A

SCARCITY

22
Q

Difference in value between a country’s imports and exports

A

BALANCE OF TRADE

23
Q

Medieval association of crafts men of merchants often having considerable power

A

GUILDS

24
Q

Economic decision pricing of goods and services (ex: oil)

A

MARKET ECONOMY

History 10 (1 decks)

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