INDUSTRIAL AGE Flashcards
1
Q
What’s the difference between Corporations and Partnerships.
A
Corporations= Limited Liability and Partnerships= Unlimited Liability
2
Q
What is a Trust company?
A
A large corporation with a lot of wealth and money during Ind.Rev.
3
Q
What was “The Gilded Age” in American history?
A
Extreme wealth and extreme poverty period in time in Amer. L8 1800s to 1900s.
4
Q
Adam Smith
A
Capitalism + wrote Theory of Productivity.
5
Q
House of Farm
A
Extended Family structure
6
Q
Tenement City
A
Nuclear Family Structure
7
Q
Domestic
A
goods at home
8
Q
Factoring
A
making goods at factory
9
Q
Rural envmnt.=>
A
Urban environment
10
Q
Industrial Revolution
A
A change from making things by hand to making them in factories.
11
Q
People in Labor
A
People become specialized
12
Q
Communism
A
Karl Marx, Friedrich Engels
