The Industrial Revolution
Terms
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- lenin defined _________ as the last stage of capitalism:
- imperialism
- Key source of power during the early stages of the industrial revolution:
- water
- according to Karl Max and economic determinists all historical events can be explained in terms of:
- economic causation
- a transitional phase between capitalism and communism when the workers will have control of the government:
- the dictatorship of the proletariat
- adam smith beleived that government is the most dangerous enemy of a free market economic system:
- false- monopoly
- the principal that will transform society and the economy into a commnunist system from each according to his:
- needs
- Both the wealth of nations and the american revolution were reactions against:
- mercantilism
- type of economic eyetem in which the four basic economic questions are answered by the indivisual in the marketplace acting in his/her role as a consumer and/or entrepreneur through his/her purchases and investments:
- demand
- the process of city growth and the movement of population into the cities:
- urbanization
- ideology behind the old imperialism:
- mercantilism
- the government of GB______ industrialization through entrepreneuership:
- encouraged
- the ability to organize and manage an effecient business operation combined with the courage to take economic risks:
- entrepreneurship
- in this type of economic system the indivisual is the primary economic agent
- demand
- the industrial working class:
- proletariat
- when supply increases price:
- decreases
- Refers to the machinery developed to increase productivity through greater efficiency:
- technology
- authored by Karl Max:
- das kapital
- all economies are mixtures of command and demand systems in which one or the other predominates:
- true
- mercantilism is an example of:
- command
- when two seperate advances in technology are introduced at the same time and complement one another:
- synchronicity of invention
- an economic system in which the government owns and operates the most essential means of production and distribution in the name of the people:
- socialism
- when demand decreases price:
- decreases
- The three classic factors of production include:
- land labor and capital
- critics of industrial capitalism:
- charles dickens, Elizabeth Gaskell, Ned Ludd, Karl Max
- type of economic system in which the four basic economic questions are answered by a government created centralized planning agency:
- command
- The Industrial Revolution began in:
- England
- when classes disapear this entry will wither away:
- the state
- the greatest good for the greatest number:
- utilitarianism
- authors of the communist manifesto:
- Karl Max and Friedrich Engels
- a business owned by shareholders in the eyes of american law it is considered to be a legal indivisual it offers the protection of limited liability:
- corporation
- occurs when workers stop work and leave the factory in protest:
- strike
- it has been observed that a consumer will buy more of a product at a lower price than at a higher price:
- true
- the seizure of foreign territory for economic gain and/or national glory:
- imperialism
- components of the hidden hand which Adam Smith believed to make the economy self regulating without the need for direct government interference:
- competition and supply and demand
- ingredients of a capitalist system:
- indivisualism, private property,the philosophy of laissez- faire
- adam smith observed that man is by nature selfish:
- true
- industrial economies need:
- raw materials and cheap labor, markets, new investment opportunities, outlets for surplus production
- when supply decreases price:
- increases
- originally referring to the middle class this term became associated with the factory- owning class with the coming of the industrial revolution:
- bourgeoisie
- classic concerns of labor unions:
- wages, hours, working, conditions, job security
- Associated with utilitarianism:
- John Stuart Mill and Elizabeth Gaskell
- quantitatively the more efficient type of economic system:
- command
- capitalism is an example of:
- demand
- author of the wealth of nations:
- Adam Smith
- ideology behind the new imperialism:
- industrial capitalism
- the four basic economic questions:
- what to produce, how much, how to, and to whom?
- the state of not feeling a part of something; not being able to identify with:
- alienation
- according to Karl Max the state:
- is a class weapon
- according to Karl Max all history is the history of:
- class struggle
- when demand increases price:
- increases
- the act of taking advantage of an indivisual or a class:
- exploitation
- in capitalism competition encourages all of the following except:
- monopoly
- to take advantage of:
- exploit
- capitalism is always associated with a democratic republican political system:
- false
- according to Karl Max_______ creates wealth:
- labor