The Industrial Revolution (1750-1850)

Question 1

long, slow, uneven, process in which production shifted from simple tools to complex machines

Answer 1

The Industrial Revolution

Question 2

Thomas Newcomen

Answer 2

developed the steam engine powered by coal

Question 3

James Watt (1760s)

Answer 3

improved the steam engine

Question 4

Father of the Industrial Revolution

Answer 4

James Watt

Question 5

Coal was used to produce______

Answer 5

steel

Question 6

Bessemer Process

Answer 6

faster, cheaper way of producing steel (developed by Henry Bessemer)

Question 7

Factors of Production

Answer 7

resources, labor, capital

Question 8

had large supplies of coal and iron; also had colonies all over the world

Answer 8

land and natural resources

Question 9

had plenty of displaced farmers and skilled mechanics, eager to meet growing demand for new, practical inventions

Answer 9

labor

Question 10

prosperous Great Britain economy= buisness class and capital(money) to invest, and consumer goods were affordable to all

Answer 10

capital

Question 11

in 1600s, cotton cloth imported from ______ had become popular

Answer 11

India

Question 12

workers make products in their own homes with materials supplied by merchants/entrepreneurs

Answer 12

Domestic System

Question 13

as demand for cloth grew, inventors came up with a series of inventions that revolutionized GB’s(Great Britian) __________

Answer 13

textile industry

Question 14

brought together workers and machines to produce large quantities of goods.

Answer 14

factory system

Question 15

the domestic system was replaced by the ________ system

Answer 15

factory

Question 16

used the first steam engine to power the first steam boat

Answer 16

Robert Fulton

Question 17

The Industrial Revolution brought rapid _____________

Answer 17

urbanization

Question 18

main rapid spreading disease

Answer 18

cholera

Question 19

tiny rooms where many poor people who lived in the slums were packed into

Answer 19

tenaments

Question 20

formed to fight for better conditions

Answer 20

labor unions

Question 21

another word for working class

Answer 21

proletariat

Question 22

another word for middle class

Answer 22

bourgeoisie

Question 23

what does laissez- faire mean

Answer 23

hands off

Question 24

a free market would produce more goods at lower prices, making products more affordable

Answer 24

Adam Smith

Question 25

a growing economy would push capitalists to reinvest profits in new buisness'

Answer 25

Adam Smith

Question 26

population would outpace food supply

Answer 26

Thomas Malthus

Question 27

as long as population increased, the poor would suffer

Answer 27

Thomas Malthus

Question 28

people should have fewer children

Answer 28

Thomas Malthus

Question 29

the "iron law of wages"= when wages were high, families had more children

Answer 29

David Ricardo

Question 30

more children= a larger labor supply, which leads to lower wages and higher unemployment

Answer 30

David Ricardo

Question 31

a person who owns a buisness and is personally responsible for its debts

Answer 31

sole proprietorship

Question 32

2 or more people own a buisness

Answer 32

partnership

Question 33

a buisness owned by stockholders who share in its profits but are not personally responsible for its debts (investors, [share] stocks, dividends)

Answer 33

corporation

Question 34

the exclusive possession or control of the supply or trade in a commodity or service

Answer 34

monopoly (aka. a trust)

Question 35

an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition

Answer 35

cartel (aka. syndicate)

Question 36

dominat model for a buisness

Answer 36

capitalism

Question 37

John D. Rockefeller

Answer 37

Standard Oil Trust (est. 1882)

Question 38

Cornelius Vanderbilt

Answer 38

railroads

Question 39

Andrew Carnegie

Answer 39

steele

Question 40

a slowdown in a nation's economy

Answer 40

recession

Question 41

a severe and prolonged downturn in economic activity, and extreme recession

Answer 41

depression

Question 42

when a company acquires competitors in the same industry doing the same stage of production for the creation of monopoly

Answer 42

horizontal integration

Question 43

one company controls multiple stages of production

Answer 43

vertical integration

Question 44

goal of society should be "greatest happiness for greatest number"

Answer 44

utilitarianism

Question 45

supported individual freedom, but saw need for government under certain circumstances

Answer 45

Jeremy Bentham

Question 46

wanted government to improve the hard lives of working class (and believed actions are right if they help happiness and wrong if they cause pain

Answer 46

John Stuart Mill

Question 47

society as a whole, rather than individuals, own and operate factors of production

Answer 47

socialism

Question 48

set up a model community in Scotland and put Utopian ideas into practice

Answer 48

Robert Owen

Question 49

established the AFL (American Federation of Labor) in 1881 for craft workers

Answer 49

Samuel Gompers

Question 50

established the American railway Union

Answer 50

Eugene V. Debs

Question 51

established the IWW (Industrial Workers of the World) for factory type workers

Answer 51

William Haywood

Question 52

the workers main weapon against management and owners of the factories was the________

Answer 52

strike

Question 53

workplace where ALL employees must belong to a labor union

Answer 53

closed shop

Question 54

workplace where union membership is NOT required

Answer 54

open shop

Question 55

outlined a new economic theory: scientific socialism (aka. communism)

Answer 55

Karl Marx

Question 56

the modern class struggle pittied the __________(bourgeoisie) against the ___________(proletariat)

Answer 56

middle class; working class

Question 57

economic system where competition determines prices and wages

Answer 57

capitalism

Question 58

economic system in which government or workers own most of the buisnesses in a country

Answer 58

socialism

Question 59

government ownership of all property and buisnesses

Answer 59

communism

Question 60

who own's the factories of production in capitalism?

Answer 60

private individuals

Question 61

who own's the factories of production in socialism?

Answer 61

government and individuals

Question 62

who own's the factories of production in communism?

Answer 62

government

Question 63

what was the government's role in capitalism?

Answer 63

in "laissez-faire" hand off the economy

Question 64

what was the government's role in socialism?

Answer 64

stepped in sometimes on behalf of workers

Question 65

what was the government's role in communism?

Answer 65

control and distribute resources

Question 66

who were the supporters of capitalism?

Answer 66

rich buisness owners "bourgeoisie" Adam Smith

Question 67

who were the supporters of socialism?

Answer 67

workers "proletariat" Robert Owen (utopian socialist)

Question 68

who were the supporters of communism?

Answer 68

workers "proletariat" Karl Marx