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