Check For Understanding - The Ind Revolution - Reading 3 & 4

What is the definition of 'stock' as used in the context of industrialization?

• A textile machine

• Right of ownership in a company called a corporation

• A type of factory

• A supply of coal

What is a 'corporation'?

• A business owned by one person

• A business owned by stockholders who share in its profits but are not responsible for its debts

• A government agency

• A textile factory

How did industrialization begin in the United States?

• Industrialization began in the textile industry. In 1789, Samuel Slater brought the secret of Britain’s textile machines to North America and built a machine to spin thread. In 1813, Massachusetts investors built textile factories in Waltham, Massachusetts.

• Industrialization began with the invention of the steam engine in California, leading to rapid growth in the mining sector.

• Industrialization started with the widespread use of electricity in the southern states, which led to the development of large-scale agriculture.

• Industrialization began when the automobile industry was established in Detroit, Michigan, in the early 1800s.

Why did the United States have a large supply of workers during industrialization?

• Because immigrants came to the United States, creating a large supply of workers.

• Because the United States had strict immigration laws that limited the workforce.

• Because most Americans refused to work in factories, so machines replaced them.

• Because the government forced people to work in factories.

The nations that industrialized first did so because of which factors?

• Access to natural resources and capital

• Lack of natural resources

• Isolation from trade routes

• Late adoption of new technologies

Industrialization led to imperialism because:

• Industrialized nations needed raw materials and markets for their goods.

• Industrialization made countries less interested in foreign lands.

• Imperialism caused industrialization to decline.

• Industrialized nations wanted to avoid contact with other countries.

What is the meaning of 'laissez faire'?

• Economic theory that argues that governments should not interfere with business affairs

• Belief that an idea is only as good as it is useful

• Form of socialism in which all production is owned by the people

• Organized refusal to work

What is utilitarianism?

• Belief that an idea is only as good as it is useful

• Economic theory that argues that governments should not interfere with business affairs

• Form of socialism in which all production is owned by the people

• Economic system in which people invest money to make a profit

What is socialism?

• Belief that businesses should be owned by society as a whole

• Economic system in which people invest money to make a profit

• Organized refusal to work

• Economic theory that argues that governments should not interfere with business affairs

What is communism?

• Form of socialism in which all production is owned by the people

• Economic system in which people invest money to make a profit

• Belief that an idea is only as good as it is useful

• Economic theory that argues that governments should not interfere with business affairs