Unit 7: Quiz 1 Flashcards
Businesses competing for profit without undue government intervention
free-enterprise system
investing at a risk for financial gain
profit motive
attempts to free the Holy Land from the Muslims
Crusades
European history–from Rome’s fall to the Renaissance
Middle Ages
change from hand power to machine power
Industrial Revolution
Patterns monasteries established for helping industry included
specific work responsibilities and strict discipline
Effects the Crusades had in sparking the industrial age included
revived interest in trade, revived interest in business, and increased desire to be prosperous and productive
The basic component a nation does NOT need to become industrialized is
fertile soil
printing press
Gutenberg
flying shuttle
Kay
spinning jenny
Hargreaves
cotton gin
Whitney
Coke, an essential improvement in the iron industry is
coal with certain impurities removed
has great quantities of air forced throughout
blast furnace
iron that has certain minerals added
steel
The Industrial Revolution needed
new inventions
The small privileged class of nobility or the very wealthy
aristocracy
The amount of property or money available for use in business.
capital
A person who has capital invested in business, and one who engages in free enterprise.
capitalist
Someone who has purchased stock, also known as a shareholder.
stockholder
Before the Industrial Revolution, craftsmen
ran their business at home and set their own hours
Stockholders in large businesses
became part owners, received a share of the profits, lost when the company lost
The following groups of people became factory workers
farmers, women and children, and skilled artisans
Positive advantages of the machine age were
that it supplied jobs, that it improved the economy, that it increased productivity
