2.2 key terms and people AICE Euro

The rapid growth of Industrialization after 1780 was mainly due to:

• the development of new machinery and technology

• the decline of agriculture

• the end of colonialism

• the decrease in population

Rapid shift to machine production, soaring productivity, and factory growth in Britain is known as ________.

• Industrialisation (after 1780)

• Feudalism

• Renaissance

• Colonisation

The long transformation to industrial economies; after 1780 saw the most ‘revolutionary’ surge is called the ________.

• Industrial Revolution

• Green Revolution

• Digital Revolution

• Scientific Revolution

Output per worker or machine; it surged across manufacturing is referred to as ________.

• Productivity

• Inflation

• Depreciation

• Inventory

Strong appetite for British goods at home and abroad that pulled production higher is called ________.

• Demand (domestic & overseas)

• Supply chain disruption

• Technological stagnation

• Labor shortage

The ability to sell goods at a margin that encouraged risk-taking and expansion is known as ________.

• Profit motive

• Barter system

• Trade deficit

• Price ceiling

Money available for investment in machines, factories, and transport networks is called ________.

• Capital

• Revenue

• Labor

• Raw materials

Willingness to innovate, take risks, and scale new technologies is called ________.

• Entrepreneurship

• Management

• Compliance

• Delegation

A ‘hands-off’ government approach that limited regulation and favored private initiative is known as ________.

• Laissez-faire

• Socialism

• Mercantilism

• Communism

Lower tariffs and open markets allowing British goods to sell widely is called ________.

• Free trade

• Protectionism

• Mercantilism

• Isolationism