FLASHCARD - Capitalism & Industrialization Vocab

Front

What period marks the transition to new manufacturing processes known as the Industrial Revolution?

Back

1760-1820

Front

The transition to new manufacturing processes included going from hand production methods to ____.

Back

machines

Front

Which of the following transportation methods was developed during the First Industrial Revolution? Railways, Airplanes, Automobiles, Bicycles

Back

Railways

Front

The improvements made by the Scottish inventor in 1776 were fundamental to the changes brought by the Industrial Revolution in both his native Great Britain and the rest of the world. Fill in the blank: The inventor was ______.

Back

James Watt

Front

What is the term for the separation of tasks in any economic system or organization so that participants may specialize?

Back

Specialization

Front

The act of making a product available for sale is known as ________.

Back

Commercialization

Front

What does the term 'laissez-faire' refer to in economic theory?

Back

Free market with minimal government interference

Front

Who is the concept of 'The Invisible Hand' associated with?

Back

Adam Smith

Front

The concept of 'The Invisible Hand' suggests that individuals pursuing their own self-interest can lead to positive outcomes for society as a whole. True or False?

Back

True

Front

Which of the following best describes the 'Invisible Hand'? A) Government intervention, B) Market equilibrium, C) Self-regulating nature of the marketplace, D) Planned economy

Back

Self-regulating nature of the marketplace