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Questions and Answers
What is the main characteristic of capitalism?
What is the main characteristic of capitalism?
- Private ownership of the means of production (correct)
- State-controlled markets
- Emphasis on communal wealth
- Government ownership of production
In a free market, government intervention in business activities is common.
In a free market, government intervention in business activities is common.
False (B)
What economic system is designed specifically to increase a monarch's wealth?
What economic system is designed specifically to increase a monarch's wealth?
mercantilism
One characteristic of capitalism is the _____ motive, which drives individuals to accumulate wealth.
One characteristic of capitalism is the _____ motive, which drives individuals to accumulate wealth.
Match the following terms with their definitions:
Match the following terms with their definitions:
Which factor contributed to Great Britain becoming a powerhouse during the Industrial Revolution?
Which factor contributed to Great Britain becoming a powerhouse during the Industrial Revolution?
During the Industrial Revolution, children were often exempt from work unless they were wealthy.
During the Industrial Revolution, children were often exempt from work unless they were wealthy.
What does the term 'monopoly' refer to in the context of capitalism?
What does the term 'monopoly' refer to in the context of capitalism?
What was a direct consequence of the invention of new farming machinery?
What was a direct consequence of the invention of new farming machinery?
The government implemented strict regulations on health and safety during industrialization.
The government implemented strict regulations on health and safety during industrialization.
What was the primary economic shift that characterized industrialization?
What was the primary economic shift that characterized industrialization?
The __________ Act of 1819 limited the hours worked by children to a maximum of 12 per day.
The __________ Act of 1819 limited the hours worked by children to a maximum of 12 per day.
Match the following Factory Acts with their respective regulations:
Match the following Factory Acts with their respective regulations:
Which invention was NOT responsible for making cottage industries obsolete?
Which invention was NOT responsible for making cottage industries obsolete?
The strong British Navy was used to protect fishing boats during the industrial era.
The strong British Navy was used to protect fishing boats during the industrial era.
What was one effect of the rising demand for goods during industrialization?
What was one effect of the rising demand for goods during industrialization?
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Study Notes
Capitalism
- Is an economic system based on private ownership of production and profit motive
Free Market
- Is an economy with minimal government interference in business activities
- Supply and demand are regulated with minor restrictions
Monopoly
- Historically, it referred to the exclusive right granted by a monarch for gathering and trading a specific good.
- Today, it refers to a business with no competition in its market, controlling a product or service.
Industrial Revolution
- Many European countries transitioned to industrial production models
- Great Britain was the first country to undergo this shift
- Its transformation in the 18th century was significant, hence the term "Industrial Revolution"
Values that enabled Industrialization
- Hard work was encouraged and expected
- Individuals were held responsible for improving their lives through hard work
- There was no employment insurance, social insurance or pensions
- Government did not control competition in the economy
- Government protected property rights of large landowners, who evicted farmer-tenants
- Government did not regulate health or safety
- Government promoted free trade
- New farming machinery led to healthier diets and population growth
- Population increase in cities created a large labor force willing to work for low wages and poor conditions
- Rising demand for goods drove manufacturing
- The invention of the steam engine led to the development of the railroad
- The strong British Navy protected merchant ships supplying raw materials to British factories
Textile Industry
- Textiles were once produced on hand looms by weavers at home.
- Companies supplied weavers with cotton or wool in exchange for completed textiles.
- This was known as cottage industry.
- Inventions like the flying shuttle, spinning jenny, and power loom made cottage industries obsolete.
- New machinery produced consistent quality cloth at a lower cost compared to homespun cloth.
- This reduced clothing costs for ordinary people.
- Weavers had no choice but to work in factories with low pay and poor working conditions.
Industrialization
- Refers to a shift in a country's dominant economic activity from agriculture to manufacturing.
Working Conditions
- The Factory Act of 1819 limited children's working hours to 12 per day.
- The Factory Act of 1833 prohibited children under 9 from working in textiles and limited 10-13 year olds to a 48-hour work week.
- The Factory Act of 1844 mandated a maximum 12-hour workday for women.
- The Factory Act of 1847 established a 10-hour maximum workday for women and children.
- The Factory Act of 1850 increased working hours for women and children to 10.5 hours per day but prohibited work before 6 AM or after 6 PM.
- The Factory Act of 1874 restricted all workers to a maximum of 56.5 hours per week.
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