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INDUSTRIAL REVOLUTION
STUDY GUIDE
NAME_________________
MODS_______
1. Where and when did the Industrial Revolution begin?
It began in Great Britain in the 1700’s (1700-1750). It
began in the textile industry.
2. Summarize each of the Four Factors of Production.
Land- all the natural resources (water, coal, trees)
Labor- workers (mental and physical)
Capital- Money, equipment, buildings and anything needed
to produce a product
Management- the people in charge of the other 3 factors
3. List the Advantages and Disadvantages of the Cottage Industry.
Adv.
Dis.
Set your own hours
Higher quality product
Work at own pace
Family sets when they work
Business could be easily
destroyed
Have to learn the skills
Needed physical strength
Longer work process
4. List the Advantages and Disadvantages of the Factory System.
Adv.
Dis.
Increase in production
Lower prices
Many jobs
Didn’t need skills
Longer hours
Dangerous work
Unsanitary
Child Labor
More repetitious jobs
5. What is a Labor Union and what is a Strike?
Labor Union- an organization that wants to try to improve
conditions and raise wages
Strike- organized work stoppage
6. List the Advantages and Disadvantages of Mass Production.
Adv.
Dis.
Increase in production
Work was boring
Could charge less per item
Workers protested
Goods were available for more people
7. Who was Henry Ford and what did the Assembly Line do?
Created Ford motor company. Assembly line allowed
more products to be produced at a faster rate. The product
moves to the workers.
8. List the Positive and Negative effects of Industrialization on Society.
Pos
Neg
Standard of living was raised
Inexpensive goods were made
More products and food
New wide variety products
Child labor
Dangerous work
Slums/Disease
Pollution
9. Who was Lewis Hines and what did he do?
He was against child labor. He took pictures inside
factories of children to show people in order to stop child
labor.
10. Define Laissez Faire.
Government should not interfere with business. Means
“hands off.”
11. Who was Adam Smith? Describe his ideas on economics.
Leading advocate of laissez faire economics. Government
system free of regulation was called a market economy.
Created supply and demand and competition.
12. Describe David Ricardo's "Iron Law of Wages".
Law is unchangeable
Economic conditions would keep wages low
13. Describe Robert Owen’s ideas on economics.
He thought for the good of all society, the government
should own property and control industry. He is the father
of socialism who created the utopian community.
14. What are the three types of Business Ownership? Give an advantage and
disadvantage for each one.
Sole Proprietorship: + Total control, - Lose all the money
Partnership: + Losses are shared, - Unlimited liability
Corporation: + Many owners, easy to raise money, - Share
profits
15. Discuss the key ideas of Capitalism.
People control the factors of production. Competition
exists. Private ownership- people can get rich. No
government control. Have very poor or very rich.LaissezFaire.
16. Discuss the key ideas of Socialism.
Government owns major industries
People own small industries
Government and people decide what is distributed
Higher taxes and no rich vs. poor
17. Discuss the key ideas of Communism.
Government controls everything you do
No freedoms and usually a dictatorship
Few consumer products
Government makes all economic decisions
18. What is a monopoly and why is it bad?
A business with complete control over a business or
product. It is the only producer of a product. There is no
competition, so they can charge consumers any price.
19. Describe Marx and Engels ideas about Capitalism.
As capitalism grew, workers would sink into poverty.
In time workers would rebel and seize the business.
They believed that capitalism had to be destroyed.
20. Discuss what was written in Das Kapital and the Communist Manifesto.
Das Kapital- put forth arguments against capitalism,
believed class struggles are what cause conflicts
Communist Manifesto- created the foundation for socialism
and communism by calling for the end of capitalism