Grab your notebook In back – by windows Glue/staple #2 Inventions into notebook Post a sticky note for Industrial Revolution on IR #1 DUE: urban game reflection and answer to questions What’s left for semester: Writing Assignment (due Thurs) Ind Rev notebook check on day of final Test on final day

IR #4: “E” in P.A.I.N.T.E. What changes did the Industrial Revolution make? Which country industrializes first? Why is coal important? Name 1 invention that changes the textile industry. (What does textile mean?) What does urban mean? List 2 problems with urbanization. What does PAINTE stand for – you can skip the E we’ll do that one today.

Economic Reasons Entrepreneurs – people willing to take risks to get a large profit Capital – investment $$$ / British banks were willing to lend capital Laissez-faire: French for “let do” (or hands off) Gov should NOT regulate (place restrictions) on businesses they should “do” as they please Most economic systems were laissez-faire

Adam Smith Writes The Wealth of Nations Promotes free market, calling it capitalism: owners compete to make the most profit , no gov’t involvement Does this happen in the USA?

Think About It: Why do employers give raises? Why do items go on sale? Why might the EXACT SAME candy bar sell for $1 one day and $5 the next?

Gov does not need to tell businesses what to do! “Invisible hand” Competition drives market: make the best product at cheapest price, ppl will buy it & you’ll make profit! When the owner does what is best for herself, it helps everyone Raise Cheap prices Quality products, etc.

The Price is Right! How much does the following cost:

Pros and Cons Advantages  of capitalism (no gov’t interference in economy) Good for owners who can make money Good for consumers who get high quality products at low prices Disadvantages  of capitalism (no gov’t interference in economy) Bad for workers: have no protections

Is capitalism the best way to run an economy? What is an entrepreneur? What is capital? What is capitalism? Name 1 advantage of capitalism. Name 1 disadvantage of capitalism.

What’s left for this semester: Writing assignment – assessment Final exam – assessment Final notebook check – assignment

IR #5: Did the Industrial Revolution create progress or problems for Great Britain? Use pgs. 724 – 726 How did the IR change living conditions? List 4 ways (724) How did the IR change working conditions? List 3 ways (Be sure to read about coal miners) How did it help create the middle class? What positive effects did the IR have? List 5 ways.