Social Studies 30-1 Unit 2 Quiz

An economic theory that aims to increase a nation's wealth through government intervention in trade, colonization, and the accumulation of gold and silver. It prioritizes exports over imports to maintain a favorable balance of trade.

A period of rapid technological advancement and industrial growth that began in Britain in the late 18th century, characterized by innovations in machinery, factories, and new sources of power.

The Industrial Revolution's impact on British and European society was transformative, leading to urbanization, population growth, social and economic changes, and the rise of new social classes. It also created new forms of work, pollution, and social problems.

The Industrial Revolution provided the groundwork for the development of capitalism by creating a system of free markets, competition, and individual entrepreneurship, driven by private ownership and profit motives.

A group of English textile workers in the early 19th century who protested against the introduction of new machinery that they feared would replace their jobs. They sabotaged machinery and were violently suppressed by the government.

A 19th-century social reform movement in Britain, advocating for universal male suffrage, equal electoral districts, and other political reforms. They presented their demands in the People's Charter of 1838.

The Chartist movement's six points were: 1. Universal male suffrage, 2. Equal electoral districts, 3. Secret ballot, 4. Annual parliament elections, 5. Abolition of property qualifications for MPs, and 6. Payment of MPs. These aimed to ensure fair representation and broaden political participation.

The Chartist movement ultimately failed due to a combination of factors, including internal divisions, lack of government support, and suppression by authorities. Their protests were often met with violence and their demands were ultimately ignored.

A document outlining the goals, principles, and values of an organization or group.

A statement of principles and goals, typically for a political party or movement.

An economic and political system where the means of production are owned and controlled by the community, rather than private individuals.

A system of thought that emphasizes collective ownership and control of resources to promote social equality and fairness.

An imagined perfect society, often characterized by social harmony and utopia, often presented as a goal of socialist thought.

A type of socialism that focuses on creating utopian communities based on cooperation and social reform.

The most significant figure in Marxist thought, known for his critique of capitalism and his vision of a socialist revolution.

The collective term for the ideas of Karl Marx and his collaborator Friedrich Engels, encompassing a critique of capitalism, a theory of historical materialism, and a vision of a classless society.

The idea that individuals and businesses should be free to operate with minimal government interference. It emphasizes individual liberty, limited government, and free markets.

The economic system where individuals and businesses own and control the factors of production, making decisions based on supply and demand.

The resources used in production, including land, labor, and capital.

The limited availability of resources compared to unlimited wants and needs, which forces people to make choices.

A situation where the economy experiences a prolonged period of declining economic activity, characterized by high unemployment, low production levels, and a decrease in consumer spending.

The idea that the government should actively intervene in the economy to manage economic cycles and promote stability. This involves using tools like fiscal policy (government spending and taxes) and monetary policy (interest rates).

The process of increasing prices for goods and services over time. It can be caused by a combination of factors, including high demand, increased production costs, and a decline in the value of money.

The natural fluctuations in economic activity, characterized by periods of growth (expansion) and contraction (recession).