2.  Capitalism – economic system based on private ownership of business to make profit (Market Economy)  Socialism –economic system where the factors of production are owned and controlled by the government  Communism – belief in a classless society where property is shared and there is equality  Supply & Demand – relationship between availability of goods/services and the desire among consumers

3.  Come in and take a look at this fairly ordinary picture  New York City (1800)

6.  What might we infer from these three pictures about how society changed (use what you currently know about the Industrial Revolution)?

7.  How did societies that experienced the Industrial Revolution change?

8.  U.S., Europe, Japan emerge as world powers  Factories and mass production of goods

9. Push Factors  War/Violence  Racism  Famine Pull Factors  Wages = money/Jobs  Freedom  Food

11. Ellis Island Inspections Angel Island Inspections

13.  “Well, I came to America because I heard the streets were paved with gold. When I got here, I found out 3 things: first, the streets weren't paved with gold; second, they weren't paved at all; and third, I was expected to pave them.”  What is he really saying?

14.  Growth of cities  Cities offer jobs, entertainment, and opportunity  Have skyscrapers, cheap apartments, public transportation

17.  Classes/groups of people defined by their job/salary/education  Big changes: Large working class in factories Growth of middle class

18. Nobles, Landowners Small Middle Class Peasants/ Farmers

19. Upper Class Middle Class Lower Middle Class Working Class and Farmers

22.  Capitalism/ Laissez-faire Govt is to stay out of economy/business!  Social Darwinism Survival of the Fittest - let people/business who can succeed rise to the top, forget about the “failures”