2009-2010 Unit 7, Industrial Revolution


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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

  1. 1. Industrial Revolution Big Idea: From Home to Factory From Little to Big
  2. 2. <ul><li>Industrial Revolution Basics </li></ul><ul><li>- Who: America, Europe, Africa </li></ul><ul><li>- What: Machines starting to take the place of people in making goods, economy switching from agricultural to industrial in many nations </li></ul><ul><li>- When: 1700 – 1900 </li></ul><ul><li> </li></ul>
  3. 3. Economic Terms <ul><li>- Economy : the production and distribution of goods and services within an economic system </li></ul><ul><li>- Productivity : a measure of goods and services produced over a period of time with a given set of resources </li></ul>
  4. 4. Economic Terms <ul><li>- Education : knowledge acquired by learning and instruction </li></ul><ul><li>- Skills : ability to apply knowledge and use know-how to complete tasks and solve problems </li></ul>
  5. 5. Economic Terms <ul><li>- Retraining : the process of learning a new skill or trade </li></ul><ul><li>- Wage rates : payment for labor or services to a worker, usually on an hourly, daily, or weekly basis, or by the piece </li></ul>
  6. 6. Economic Terms <ul><li>- 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 </li></ul>
  7. 7. Economic Terms <ul><li>- 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 </li></ul>
  8. 8. Economic Terms <ul><li>- Socialism : a political and economic system in which government controls resources and industries </li></ul>
  9. 9. Types of Economies <ul><li>- 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) </li></ul>
  10. 10. Types of Economies <ul><li>- 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) </li></ul>
  11. 11. Types of Economies <ul><li>- Market Economy : a system in which buyers and sellers make major decisions about production and distribution, based on supply and demand (capitalism) </li></ul>
  12. 12. Types of Economies <ul><li>- Mixed Economy : a combination of both Command and Market economies, some private-owned and some state-owned enterprises (combination capitalism & socialism) </li></ul>
  13. 13. Paper Cutting Questions <ul><li>Assume cutting paper is the industry you have chosen. </li></ul><ul><li>- How would you determine what you are going to make (property rights)? </li></ul><ul><li>- How will you determine how to make it (factors of production)? </li></ul><ul><li>- Finally, who will you make the product for (economic decision making)? </li></ul><ul><li>How would these differ according to the type of economy: i.e. traditional, command, market or mixed. </li></ul>