2009-2010 Unit 7, Industrial Revolution
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2009-2010 Unit 7, Industrial Revolution



A presentation over different types of economies to be used for the Industrial Revolution in Greg Lehr's World History classes.

A presentation over different types of economies to be used for the Industrial Revolution in Greg Lehr's World History classes.



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    2009-2010 Unit 7, Industrial Revolution 2009-2010 Unit 7, Industrial Revolution Presentation Transcript

    • Industrial Revolution Big Idea: From Home to Factory From Little to Big
      • Industrial Revolution Basics
      • - Who: America, Europe, Africa
      • - What: Machines starting to take the place of people in making goods, economy switching from agricultural to industrial in many nations
      • - When: 1700 – 1900
    • Economic Terms
      • - Economy : the production and distribution of goods and services within an economic system
      • - Productivity : a measure of goods and services produced over a period of time with a given set of resources
    • Economic Terms
      • - Education : knowledge acquired by learning and instruction
      • - Skills : ability to apply knowledge and use know-how to complete tasks and solve problems
    • Economic Terms
      • - Retraining : the process of learning a new skill or trade
      • - Wage rates : payment for labor or services to a worker, usually on an hourly, daily, or weekly basis, or by the piece
    • Economic Terms
      • - Capitalism : an economic system based on the private ownership of the means of production and distribution (land, factories, mines, railroads) and their operation for profit, under competitive conditions
    • Economic Terms
      • - Mercantilism : an economic system developed in Europe as feudalism died out, intended to unify and increase the power and monetary wealth of a nation by strict governmental regulation of the entire economy, including the development of agriculture and manufacturing and foreign trading monopolies
    • Economic Terms
      • - Socialism : a political and economic system in which government controls resources and industries
    • Types of Economies
      • - Traditional Economy : economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools (hunting & gathering)
    • Types of Economies
      • - Command Economy : also called a “planned” economy, an economic system in which the state or government to one degree or another manages the economy (socialism)
    • Types of Economies
      • - Market Economy : a system in which buyers and sellers make major decisions about production and distribution, based on supply and demand (capitalism)
    • Types of Economies
      • - Mixed Economy : a combination of both Command and Market economies, some private-owned and some state-owned enterprises (combination capitalism & socialism)
    • Paper Cutting Questions
      • Assume cutting paper is the industry you have chosen.
      • - How would you determine what you are going to make (property rights)?
      • - How will you determine how to make it (factors of production)?
      • - Finally, who will you make the product for (economic decision making)?
      • How would these differ according to the type of economy: i.e. traditional, command, market or mixed.