Industrial Revolution Review

Front

What is a monopoly?

Back

one company has little or no competition so they can control the price by controlling supply

Front

Economy

Back

the process of making, buying, and selling goods and services

Front

Supply in the context of the economy

Back

how much of a product is produced and made available for sale

Front

What is true for both monopolies and competition?

Back

The business owner is trying to make as much money as possible.

Front

Mechanization

Back

when machines started to do work previously done by humans

Front

Mass production means...

Back

a business produces a large number of identical products quickly

Front

What is the most significant way the mechanization and changes in production during the industrial revolution affected prices?

Back

They led to more supply available, which led to lower prices.

Front

How was immigration related to the starting of the Industrial Revolution?

Back

More immigrants settling in cities allowed the industrial revolution to start.

Front

How did the Industrial Revolution affect future immigration?

Back

It led to more immigration because there were so many jobs available.

Front

How did mechanization and the assembly line affect product quality?

Back

more consistent quality