Economic Systems andIndustrial Revolution
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Questions and Answers

What did the domestic system rely on?

  • Trading finished goods in distant markets
  • Government control and regulation
  • Craftspeople and artisans at home using simple tools (correct)
  • Production of goods in large factories

    • Under which system did merchants supply raw materials to artisans?

  • Putting out system (correct)
  • Domestic system
  • Enclosure system
  • Factory system

    • Which invention enabled one person to spin eight threads simultaneously?

  • Spinning mule
  • Spinning Jenny (correct)
  • Spinning wheel
  • Cotton gin

    • What does urbanization refer to?

    <p>Growth of towns and cities</p> Signup and view all the answers

    Who controls industries in a capitalist system?

    <p>Private owners</p> Signup and view all the answers

    What is colonialism?

    <p>A policy where one nation acquires control over another</p> Signup and view all the answers

    What does socialism advocate for regarding the country's wealth?

    <p>Equal right to a share of the country's wealth</p> Signup and view all the answers

    Who did the wealthy landlords buy land from in the concept of enclosures?

    <p>Poorer village farmers</p> Signup and view all the answers

    What is the primary objective of trade unions?

    <p>To protect workers' interests and improve conditions</p> Signup and view all the answers

    Study Notes

    Economic Systems

    • Domestic System: Craftspeople and artisans produced goods at home with family members using simple tools.
    • Putting Out System: Merchants supplied raw materials to artisans, who produced goods, and then sold the finished products in distant markets.

    Industrial Revolution

    • Factory System: Goods were produced on a large scale in factories using machines instead of simple tools.

    Agriculture

    • Enclosures: Large farm fields were enclosed by fences or hedges, leading to wealthy landlords buying and enclosing land from poorer village farmers.

    Inventions

    • Spinning Jenny: A spinning machine invented by James Hargreaves that enabled one person to spin eight threads simultaneously.

    Urban Development

    • Urbanization: The growth of towns and cities.

    Economic Theories

    • Capitalism: An economic system where industry and business are controlled and run for profit by private owners rather than by the government.
    • Socialism: An economic system based on the belief that everyone has an equal right to a share of the country's wealth and that the government should control the main industries.

    Labor Organizations

    • Trade Union: An organization of workers in a particular industry that exists to protect their interests, improve working conditions, etc.

    Imperialism

    • Colonialism: A policy where one nation acquires control over another country, with the conquered country becoming a colony of the conquering nation.

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    Description

    This quiz covers different economic systems such as Domestic, Putting Out, and Factory systems, as well as the concept of Enclosures in agriculture.

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