Unit 2 Industrial Revolutiom Flashcards
(24 cards)
A study of the way societies make decisions about goods and services to meet citizens want and needs?
ECONOMIC
Measurement of the consumption of goods and services that individuals or groups achieve?
STANDARD OF LIVING
Was a British iron master. 1st to melt Iron w/ coke?
ABRAHAM DARBY
Was the great Staffordshire iron-master. Who found new ways to use iron?
*cast-iron
JOHN WILKINSON
English iron-master
Begin refining iron from pig iron to wrought iron using innovative productive systems
Henry Cort
- *Was an ironmonger
* *Created the first practical steam engine
THOMAS NEWCOMEN
**Improved Thomas Newcomen’s steam engine
JAMES WATT
Constructed the Canal for Coal transportation
DUKE OF BRIDGEWATER
Invented the first high pressure steam, steam locomotive
RICHARD TREVITHICK
Father of railways
GEORGE STEPHENSON
- *A Philanthropist
* *Improved the working conditions of his factory worker
ROBERT OWEN
- A Philanthropist
- business man who brought social conscience to capitalism
- created a society to house his workers
- Made salt mill
TITUS SALT
**developed the Bessemer process for the manufacture of steel
HENRY BESSEMER
**Introduxtion of the Model T Automobile revolutionized transportation and American industry
HENRY FORD
1st Law of Adam Smith
LAW OF SELF INTEREST
Ex: drug dealers
Who is Adam Smith?
FATHER OF MODERN ECONOMICS
2nd Law of Adam smith
LAW OF SUPPLY AND DEMAND
Ex: limited edition
3rd law of Adam smith
LAW OF COMPETENCE
Ex: McDonald’s
What is Law of self interest?
People act in their own self interest
What is the Law of competence
Process people to make better product
Humans wants will always exceed the resources available to fulfill those wants
SCARCITY
Difference in value between a country’s imports and exports
BALANCE OF TRADE
Medieval association of crafts men of merchants often having considerable power
GUILDS
Economic decision pricing of goods and services (ex: oil)
MARKET ECONOMY
