Chp. 25 Review

1. ​ (a)   One year a farmer plants crop A and the next year the farmer would plant crop B.

2. ​ (b)   A person who organizes, manages, and takes on the risks of a business.  A person who starts their own business.

3. ​ (c)   A business owned by stockholders.

• Crop Rotation
• Entrepreneur
• Corporation
• Monoculture
• Innovation
• Partnership
• Sole Proprietorship
• Limited Liability Company

1. ​ (a)   In order to raise money, business owners sell these to people and in return they become part owners in a company.

2. ​ (b)     Economic policy of letting owners of industry and business set working conditions without interference.  “Let people do as they please”

• Stock
• Laissez Faire
• Bond
• Communism
• Tariff
• Socialism

​ (a)   An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.

1. ​ (b)   A theory that says people should judge ideas, institutions and actions on the basis of their utility, or usefulness.

• Capitalism
• Utilitarianism
• Socialism
• Communism
• Mercantilism
• Feudalism

1. ​ (a)   Where the factors of production are owned by the public and operate for the welfare of all.

2. ​ (b)   A German journalist that introduced the world to a radical type of socialism called Marxism.

3. ​ (c)   The name of the 23 page pamphlet that detailed the socialist works of Karl Marx.

4. ​ (d)   When Union workers refuse to work.

• Socialism
• Karl Marx
• The Communist Manifesto
• Strike

1. ​ ​ (a)   A form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses— would be owned by the people.  Private property would in effect cease to exist.  All goods and services would be shared equally.

2. Facing long hours, harsh working conditions and low pay….factory workers joined together to form a ​ (b)   .

• Communism
• Union
• Capitalism
• Fascism
• Anarchy
• Dictatorship

1. In the middle ​ (a)   the ​ (b)   Revolution transformed the way people worked.  This refers to the greatly increased output of ​ (c)   made goods.  It began in England and would spread throughout Europe and eventually to North America.

• 1700s
• Industrial
• machine
• 1800s
• Agricultural
• handmade
• 1900s
• Technological

1. A man named ​ (a)   was a scientific farmer that realized the old way of scattering seeds to grow was wasteful.  Tull invented the ​ (b)   in 1701, this allowed farmers to sow seeds well spaced out at a specific depth. 

• Jethro Tull
• Seed Drill
• John Deere, Plow
• George Washington, Cotton Gin
• Thomas Edison, Light Bulb
• Alexander Graham Bell, Telephone

1. The process of ​ (a)   was an improvement on the older medieval method of the ​ (b)   system.  Now a farmer would plant one crop this year and a total different crop the next year to keep nutrients in the ground.  

• crop rotation
• 3 Field
• Slash and Burn Farming
• Machine making

1. There were several key factors that all added up to help England be the perfect spot for the Industrial Revolution to Begin:

• Large population of workers

• Many natural resources

• Water power

• ​ (a)   to fuel the new machines

• Iron ore to construct machines, tools and buildings

• ​ (b)   for which merchant ships set sail

• Businesspeople to ​ (c)   in new inventions

• A ​ (d)   system willing to make loans for new businesses

• Stable ​ (e)   system

• Coal
• harbors
• invest
• Banking
• political
• Oil
• Invent
• Finance

1. There were several innovations in the ​ (a)   industry that made the cloth industry expand.  Over in the Americas in 1793, the cotton gin was created by ​ (b)   .  

• textile
• Eli Whitney
• Crop
• Eli Young Band
• Benjamin Franklin