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