Study Guide Unit 1: Industrial Revolution
Chapter 25 Section 1
Students should be able to explain what conditions led to the Industrial Revolution beginning in Great Britain Great Britain had a vast amount of natural resources required for the I.R. but its economy was in very good shape and It was very politically stable. Students should be able to define the term Factors of Production and be able to explain the terms land, labor, physical capital and entrepreneurship. Describe how the railroad caused economic and social change in Britain The railway made transportation of not only tons of goods but people from one city to another much quicker and easier, and it also created countless jobs and a vast pool of wealth.
Chapter 25 Section 2
Describe the positive social, economic, political and technological changes caused by the industrial revolution, A major political change that is long lasting is that of using tax revenues to really improve streets and living conditions for the working class, a social change is that of the new middle class which emerged mainly from the I.R. and economic changes were constant and there was a very large amount of new money coming from everythingThere were technological advancements regularly making life much easier for everyone and each advancement leading to new ones Describe the social, economic, political and technological changes caused by the industrial revolution A major social change was that of the nearly impossible work time, 14 hours a day 6 days a week. Urbanization was a political change that packed people together and lowered the urban lifespan from 38 years to 17. Almost all of the money being made went to the upper class and then to the middle class, the working class received none. The new technology was very unsafe and killed or injured many.
Describe working conditions during the industrial revolution Working conditions were horrible, work was usually 14 hour days, 6 days a week forever. It was very unsafe and did not pay very well, there were deaths and injuries and no compensation. Describe living conditions during the industrial revolution
Living conditions were awful, workers would live in small dark dirty shacks, trash piled up in the streets, cholera would sweep the city in waves killing many. But the rich lived extravagantly Define the term urbanization
The term urbanization basically means city building and the vast majority of people moving to the city. Explain how tensions grew between the middle, upper and working class The working class resented the middle and especially the upper class because of their extremely unfair and unsafe working and living conditions, while the middle and the upper class lived either comfortably of extravagantly
Chapter 25 Section 3
Describe how corporations are operated and their unique legal status A Corporation is a business owned by stockholders who share in its profits but are not personally responsible for its debt. Corporations were able to raise the large amounts of capital needed to invest in industrial equipment. They have very limited liability and their shareholders are protected from the law Understand the concept of liability and how it relates to stockholders Stockholders have very limited liability, if the company screws up then the stockholders cannot be held liable Explain how industrialization led to global inequality
Industrialization widened the wealth gap between countries that were industrialized and those that were not. Industrialized countries could get materials from poor countries for cheaper
Chapter 25 Section 4
Explain the advantages and disadvantages to a laissez faire policy towards businesses Advantages: The owners pay much less, more profit made, much easier for the government. Disadvantages: Many more injuries and deaths, horrible working conditions, very low pay, creates large wealth gap. Explain the concept of capitalism including Adam Smith’s notion that society can...
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