Take two sheets of paper 1) Fold so that you end up with tabs like those on the right 2) At the END of the period, staple the top so that you can flip the tabs up and down as you study!
Label Cover: Economics of the Industrial Revolution Label tabs as: Capitalism, Socialism, & Communism Factors of Production Alternative Responses to Class Tensions
Add this quote to your cover “Getting of money...is the main business of the life of men”--Manufacturer
Make 3 Columns Label: Capitalism, Socialism & Communism Fill in the following information from the lecture
Fill in the following information under your Capitalism column. Capitalism: An economic philosophy where production, distribution, and exchange of wealth is maintained by individuals, not the government Competition leads to lower prices and better products. Adam Smith believed that an “invisible hand” regulated the exchange of goods. You have two cows. You sell one and buy a bull.
Fill in the following information under your Socialism column Socialism : An economic system where government controls large sectors of the economy and distributes the wealth among the people Early socialists like, Robert Owen, dreamed of an Utopia where cooperation replaced competition He created a community called New Harmony You have two cows. You keep one and give one to your neighbor.
Fill in the following information for your Communism column Karl Marx : A workers’ revolution. Material wealth distributed equally among all workers Belief that class tensions will be so severe that one day the proletariat (workers) will overthrow the bourgeoisie (wealthy middle class) Socialism will take over briefly until one day no government will be needed You have two cows. The government takes them both and provides you with milk.
On the top of the flap answer the following question with complete sentences: Why would socialism and communist ideas emerge out of the Industrial Revolution? Think working class, pay, conditions, etc.
Factors of Production You need to create a diagram that shows the economical cycle of CANDY.
Money Entrepreneur uses $ to buy natural resources (Sugar) Raw Sugar (natural resource) is processed by workers into candy Candy capital turns into $ $ used to pay workers Entrepreneur
Write the following terms on the top of your flap, then use your book to define them: 1.Natural Resource: 2. Labor: 3.Capital: 4.Entrepreneurship: 5.Working Conditions:
Trade Unions: Form to protect workers’ rights from unfair labor practices Usually demand safer working conditions and higher wages Strike in order to get employers to meet their demands Socialist Democracies: Socialist parties arise with the hope that parliament will help them pass laws that will protect workers rights