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38 Cards in this Set

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What is mechanization?
Process in which machines help produce products more efficiently.
What are the three Factors of Production?
Land, Labor, and Captial
What was the Agricultural Revolution?
Time when farming changed due to improvements, causing many farmers to leave their farms and work in the cities.
What were three economic systems that we studied during this chapter?
Socialism, Capitalism, and Laissez-Faire
What did Eli Whitney invent?
He invented the cotton gin.
What is capitalism?
An economic system where the individuals own and operate the factors of production (not the government)
What is socialism?
An economic system where the government owns and operates the factors of productions (not individuals)
What 2 things did Samuel Morse invent?
He invente the telegraph and Morse Code.
What does the term textile refer to?
Cloth
What is the enclosure movement?
Process by which common lands were fenced off into individual plots.
What was the Industrial Revolution?
Era of rapid industrial development (drastic change in industry) that begin in Great Britain.
What is Laissez-Faire?
A government that does not meddle in business or the lives of its citizens.
What is Proletariat?
It is a term used to refer to the working class.
What is democratic Socialism?
Citizens vote for leaders, leaders control businesses
What is communism?
Government has complete control of business and the lives of its people.
Who is the known as the founder of socialism?
Karl Marx
Which economic theorist stated " From each according to his abilities, to each according to his needs"?
Karl Marx
Who believed that a capitalist society would split into two economic classes: the very rich and the very poor?
Karl Marx
What Scottish economist wrote the book: The Wealth of Nations?
Adam Smith
What is the name given to the system of producing large numbers of identical items?
Mass Production
What is the name of the American inventor of the cotton gin?
Eli Whitney
What was the enclosure movement?
Process by which common lands were fenced off into individual holdings.
What is the Bessemer process?
The process of producing steel by forcing air through molten metal to burn out impurities.
What did English landowner Jethro Tull invent?
He invented a seed drill that made it possible to plant seeds in straight rows. He also invented the horse-drawn hoe.
Who was the American engineer who was the first to build a profitable steamboat?
Robert Fulton
Who was the American that invented the telegraph and a system for encoding the alphabet?
Samuel Morse
Who owns the means of production in a capitalist system?
private owned
What is a corporation that controls every stage of an entire industry?
Cartel
What is the use of automatic machinery to increase production called?
mechanization
What is the last stage of socialism which is characterized by a classless society called?
Pure communism
What is collective bargaining?
Negotiation between labor unions and employers.
What is the business cycle?
Alternating periods of prosperity and economic decline.
Who patented the modern steam engine?
James Watt
True or False?
Women and children received the same pay fo their work that men did.
False
Pay fluctuated with age but generally women and children made less than men.
True or False? France, Germany & other European countries were slower to industrial than Great Britain.
True
The wars following the French Revolution had disrupted their economies.
What is a monopoly?
A corporation that almost completely controls the production or sale of a single good or service.
True or False?
By the end of the Middle Ages, transportation in Europe was greatly improved.
False
What is the law of supply and demand?
When there is not enough of an item to meet the demand, the manufacturer can charge more for the item, and the manufacturer's profits rise.