Industrial
Terms
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- private enterprise produces all goods and services (laissez-faire) free trade. The government does not interfere (regulate) business and industry at all
- Market (Demand) Economy
- New farming techniques made fewer farmers necessary
- Labor
- knowledge of business
- Management
- location and natural resources
- Land
- trade and distribution of goods is done through personal connections. There is an exchange of goods, services, and raw materials, currency is not typically used
- Traditional Economy
- the government owns all factors of production, produces all or almost all goods and services and distributes them among the people
- Command Economy
- looking for ways to make money
- Entrepreneurial
- was easy to find Steam power Coal used to make iron and steel
- Coal
- money invested in a business
- Capital
- Transportation, lots of rivers to move things by barge First power source
- Navigate Rivers
- Our society becomes urbanized: growth of cities More people start living in cities rather then country side
- Urbanization
- mass producing of fabrics and cloth, first major industry
- Textile industry
- Low taxes, favorable laws, protected intellectual property rights
- Government did what for businesses?
- forced many small farmers of their land If you own a piece of land you have to put a fence around it, many could not afford it and would have to sell their farms (go to cities and factories)
- Enclosure movement
- Were horrible and dangerous Government did not protect it's workers No limits on length of work day/week, or age
- Working conditions