Industrial Revolution, Capitalism, and

SocialismQuiz Review

•Describe capitalism

Type of economic system is it when people own the businesses and are free to keep the money they make

•Describe the economy

•Money, resources, and the production, buying, and selling of goods and services

•Describe socialism

• type of economic system is it when the government owns all the businesses and then gives the money equally to the people

• Describe positives of socialism

• No poor

• Everyone has healthcare

• Everyone has a job

• Everyone has equal amounts of money

•Describe negatives of socialism

•People may not be motivated to work

•Less product variety

•Describe negatives of capitalism

• Poor people

• Prices vary depending on popularity

•Companies can go out of business

•Companies can get a monopoly, or control of that business

•Describe positives of capitalism

•Earn money for hard work

•Variety of products

•No government interference

• Describe life before the Industrial Revolution

• People lived in the country

•Most people farmed and made everything they needed themselves

• Slow, quiet, and simple

•Describe power sources before the Industrial Revolution

•Natural

•Carts pulled by horses, mule, or oxen

•Water and wind mills

•When and where did the Industrial Revolution start?

•Great Britain

•1750

•What were power sources after the Industrial Revolution?

•Steam

•Coal, gas, oil

•What were some positive effects of the Industrial Revolution?

•New machines: got things done quicker

•Better soil

•Farming improved

•Food and goods were widely available

•What were some negative effects of the Industrial Revolution?

• unequal amounts of wealth

•Child labor

•Unsafe working conditions

• Pollution

•Small farms lost jobs and homes

• Explain why factory owners preferred children as workers.

•Work in small spaces

• Could be beaten if they disobeyed

• Did dangerous tasks

• Easily replaced

•What was life like for child laborers?

• Long hours for little pay

•Unsafe working conditions

•Dirty, dark, cramped

•Why did workers form unions?

• They wanted to protect their rights, such as:

• Better working conditions

•More pay

• Better hours

• Why did the factory owners not like the unions and new laws the reformers passed?

• They thought the economy should be a free market and the government should leave businesses alone

• They wanted to make as much money as possible, without worrying about their workers.