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Economics in Time
Economics in Time and Space
| Question | Answer |
|---|---|
| A measure of how quick you are at making something, compared to other people doing the same thing | productivity |
| When people ( or countries ) specialise in what they are most productive at | Division of Labour |
| The "Father of Economics" was ... | Adam Smith |
| The first book on Economics was written in 1776. It is called... | The Wealth of Nations |
| The period when England started to build cotton factories and developed other Industries really quickly. | The Industrial Revolution |
| The cotton was grown in America, leading to what racial problem | Black Slavery |
| Early factories were powered by steam engines, but what other industry did this develop to make this power | Coal Mining |
| What was the advantage of these big new machines used in the factories | They could make more products faster |
| What type of power was used before the steam engine was invented | Water |
| How did the raw cotton get from the ships landing at Liverpool to the cotton factories | Manchester Ship canal |
| What form of transport revolutionised how people travelled | steam train railways |
| What was used instead of hand washing the raw cotton | Chemicals |
| Before the Industrial Revolution, where did most people live | In the countryside |
| Where did people move to once the Industrial Revolution started | Factory Towns |
| What Industry did lots of people moving to the towns cause to grow | Building |
| What do we call the system where people work for somebody else rather than trying to make everything themselves | The Wage economy |
| What did they call it when the Government sold pieces of land to rich people who then rented it out to farmers | Enclosures |
| What name was given to these rich people who owned the land sold to them by the Government | Land Lords |
| What do we call the system where people with money employ others to do the actual work | Capitalism |
| What is the other economic system, based on everyone being equal and the Government owns the factories etc | Socialism |
| Who was the designer of the Socialist system | Karl Marx |
| What was the name of the book that Karl Marx wrote to set out the fairer system called socialism | Das Kapital |
| How did people need to act to make the Capitalist system work efficiently | Self Interest |
Created by:
peterleechhomeed
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