1. Tuesday 4/26/11 Please get out your Essay Article to be collected. Wednesday- Quiz on Industrial Revolution Today: Complete Industrial Revolution Quiz Review Questions and Review worksheet pg. 22

2. Industrial Revolution Review 1. Why did the Industrial Revolution start in Britain? ( 4 reasons-sect 1) 2. What agricultural developments helped the Ind. Rev.? (Use two vocab. Terms-sect 1) 3. Describe how water helped build the Ind. Rev. 4. How were workers treated in factories? What steps did they take to protect themselves? (Use 2 vocab. Terms-sect 4) 5. How did James Watts’ invention help change where factories were located? 6. How did the change in transportation help the Ind. Rev.? 7. Describe how factors of production were needed to produce goods? 8. Define the following: Industrialization, Corporation, Stock, Karl Marx, Communism, Adam Smith, Capitalism, Jane Addams

3. Reforms Ind. Rev. caused growing gap between rich and poor. Business leaders-governments stay out of economics Reformers-governments should improve conditions for poor Labor unions increase influence

4. Adam Smith 1776 Wealth of Nations Three natural laws of economics: ◦ Law of self interest- people work for their own good ◦ Law of competition- competition forces better products ◦ Law of supply and demand- enough goods produced at lowest price to meet demand

5. Capitalism Capitalism-an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit. Factors of production- Land, labor and capital

6. Socialism Contrast to laissez-faire-governments leave economy alone Socialism-governments should intervene Socialism- factors of production are owned by the public and operate for welfare of all

7. Socialism-Utilitarianism Jeremy Bentham-English philosopher Government should promote the greatest good for the greatest number of people People should judge ideas based on their usefulness

8. Socialism-Utopianism Robert Owen-British factory owner Built worker homes, schooled children 1824-traveled to US-New Harmony, Indiana

9. Radial Socialism-Marxism Karl Marx, German journalist With Friedrich Engels, wrote Communist Manifesto Proletariats revolt against bourgeoisie… Produce for the welfare of community All would be owned by the people and organized by dictatorship at first Dictatorship would wither and leave pure “communism” Unions and reforms never let the revolt happen