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Industrial Revolutio

What caused the shift of people from rural areas to cities? Growth of the factory system, where the manufacturing of goods was concentrated.
What are the working conditions for employees in England? Worked 90 hours a week, were seldomly lit and dirty, workers worked the same all year long doing repetitive motions, they were in coal mines which was damp, and machines injured workers.
What are the living conditions in the cities of England? Unpaved streets with no drains, garbage was collected in piles on the side of the streets, workers had inadequate housing, education, and police protection, sickness was widespread, and life span was short for workers
WHat social class expanded the most? The middle class
What was the working class like? Poor, they saw little improvement in their living and working conditions, and was starting to decline because of machines
What was the Upper Middle Class like? Doctors, lawyers, and managers of factories, mines, and shops.
What was the Lower Middle Class like? Toolmakers, mechanical drafter, and printers
What were the positive effects of the Industrial Revolution? - Created jobs for workers - Contributed to nations wealth - Increased production of goods - Fostered technological progress and invention - Raised standard living - Education opportunities were expanded
What are the types of Business Organizations? Sole Propiertorships, Partnership, Corporations, and Special types
what are the advantages of Entrepreneur? More flexible schedule Tax write-off Earn more money Enjoy your job
what are disadvantages of Entrepreneur? Less Benefits Regulations Big risks Lots of "time"
what are disadvantages of proprietorships? inability to raise large sums of capital unlimited financial liability of the owners-even personal assets Disruption of business upon the death of owner or partner
Advantages of incorporation? limited risk leave anytime upon the death of an "owner"
Disadvantages of incorporation? business is public corporation is taxed there is a loss of personal contact
Advantages of incorporation? limited risk leave anytime upon the death of an "owner"
Disadvantages of incorporation? business is public corporation is taxed there is a loss of personal contact
costs that occur whether business is running or not fixed costs
What are examples of fixed costs? Rent, taxes, and loan
costs that occur while business is operating operating costs
what are examples of operating costs? utilities, wages, and shipping
Owns all the different types of businesses on which it depends for operation EX: Apple Vertical Integration
the combination of many firms which are engaged in the same type of business EX: Standard Oil, Rockefeller, and GAP Horizontal Integration
What are the Significances of the Railroads? The united states is joined, for industry(rr was key to development), and for towns and cities(rr was the key to growth or decline)
Steel mills, Pittsuburg Peninsula Carnegie
Built floridas atlantic coast and college Flagler
union pacific railroad president Harriman
Built Great Northern Railroad JJ Hill
Steamships and University Vanderbilt
King of insider trading Jay Gould
Built university Stanford
Chief Engineer Dodge
JP Morgan Banker and is still a bank today
Standard Oil Rockefeller
What are factors encouraging industrial growth? Natural resources, Constitution and Gov't Policies, Growing population, New sources of power, Improved transportation and communication, and wars
What were the results for the agriculture revolution? Population growth, and was a stepping stone into the industrial revolution because machines were being made to make farming quicker
Created by: kotaaberry