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Ind. Rev.
Industrial Revolution
| Question | Answer |
|---|---|
| System in which government officials make all basic economics decisions. | Command Economy |
| Form of socialism advocated by Karl Marx; according to Marx, class struggle was inevitable and would lead to the creation of a classless society in which the community as a whole would own all wealth and property. | Communism |
| Pamphlet written by Karl Marx and Friedrich Engels, advocated a classless socialist society. Predicted to overthrow of the wealthy business owners (bourgeoisie) by the working class (proletariat). | Communist Manifesto |
| German born social philosopher, considered the “father of communism.” In the mid 1800’s he argued that history was a struggle between the classes that would end with a victory for the proletariat. | Karl Marx |
| The working class. | Proletariat |
| A system in which the people as a whole rather than private individuals own all property and operate all businesses. | Socialism |
| Economic system in which the means of production are privately owned and operated for profit. | Capitalism |
| The unregulated exchange of goods and services, which would result in lower prices to benefit consumers. | Free Market Enterprise |
| Policy of allowing business to operate with little or no government interference. | Laissez-faire |
| English writer in the early 1800’s who predicted that population would outpace the food supply. | Thomas Malthus |
| Scottish economist who supported laissez-faire economics and the free enterprise system. | Adam Smith |
| Adam Smith’s book that argued that the market should regulate itself. Supported theory of laissez-faire economics. | Wealth of Nations |
| Money or wealth, and resources used by a business for production, such as factories, machines, and other equipment. | Capital |
| The study of how people and countries decide what, how, and for whom to produce goods and services. | Economics |
| A place in which workers and machines are brought together to produce large quantities of goods. | Factory |
| A workers’ organization of which workers join to collectively improve their pay, benefits, and working conditions. | Labor Union |
| Farms, factories, railways and other large businesses that produce and distribute goods. | Means of Production |
| To improve by altering, correcting errors, or removing defects. | Reform |
| The right to vote. | Suffrage |
| Movement of people from rural areas to cities. | Urbanization |
| The period between 1868 – 1912 when Japanese leaders studied western ways to better compete with the western world. | Meiji Restoration |
| American naval Commodore who sailed to Japan in 1853 and demanded that they open their ports to trade. | Matthew Perry |
| A treaty approved by the Japanese shogun to open two ports to American ships for trade. | Treaty of Kanagawa |
| Since the late 1800s, powerful banking and industrial families in Japan. | Zaibatsu |
| Isolationism | A policy of limited involvement in world affairs. |
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