1. Industrial Revolution, Capitalism, and Socialism Quiz Review

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

3. Describe the economy
Money, resources, and the production, buying, and selling of goods and services

4. Describe socialism
type of economic system is it when the government owns all the businesses and then gives the money equally to the people

5. Describe positives of socialism
No poor
Everyone has healthcare
Everyone has a job
Everyone has equal amounts of money

6. Describe negatives of socialism
People may not be motivated to work
Less product variety

7. 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

8. Describe positives of capitalism
Earn money for hard work
Variety of products
No government interference

9. Describe life before the Industrial Revolution
People lived in the country
Most people farmed and made everything they needed themselves
Slow, quiet, and simple

10. Describe power sources before the Industrial Revolution
Natural
Carts pulled by horses, mule, or oxen
Water and wind mills

11. When and where did the Industrial Revolution start?
Great Britain
1750

12. What were power sources after the Industrial Revolution?
Steam
Coal, gas, oil

13. 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

14. 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

15. Explain why factory owners preferred children as workers.
Work in small spaces
Could be beaten if they disobeyed
Did dangerous tasks
Easily replaced

16. What was life like for child laborers?
Long hours for little pay
Unsafe working conditions
Dirty, dark, cramped

17. Why did workers form unions?
They wanted to protect their rights, such as:
Better working conditions
More pay
Better hours

18. 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.