Economic Systems andIndustrial Revolution

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.

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