Flashcards in Chapter 25 Review sheet Deck (46)
Mid-1700s. Output of machine made goods. It began in England.
Larger fields > productive seeding / harvesting methods improved
three field system, build up nutrients
Industrialization refers to the process of using machines in the production of goods.
Factors of Production
Land, labor, and capital ($). Resources needed to produce goods & services.
Buildings equipped with machines that are used for production
An entrepreneur is a person who organizes, manages, and takes the risk of owning a business.
Goods were made by hand in homes
A time of rapid movement of people to the cities.
Social class (Bourgeoisie) made up of skilled workers.
A right of ownership to a publicly owned corporation or business.
A business owned by stockholders who share in its profits but are not personally responsible for its debts.
An economic policy (theory) stressing an unregulated free market. "Let Do" "Let people do as they please."
Factors of production, privately owned
Factors of production are operated for the good of all
Usefulness; good for the greatest number of people.
Government controls everything
Association of workers formed to improve working conditions / pay.
A refuse to work until demands are met
1733 - flying shuttle
1764 - spinning wheel / jenny
1769 - Water frame
1779 - Spinning Mule, which combined the Spinning Jenny and the Water Frame. Stronger thread
1787 - power loom which was run by water and did the fastest weaving of it's time.
(1810-1865) Gaskell wrote "Mary Barton" - sympathized with the working class
1832 Testified before the British Parliament - deformed at 23 years old
John D. Rockefeller
Founded Standard Oil
Founded Carnegie Steel
Wealth of Nations - law of self interest - law of competition - law of supply and demand