Industrial Revolution

What was the Industrial Revolution?

• A change in how we make stuff

• A political revolution

• A new type of government

• A social movement

Where did the Industrial Revolution start?

• Great Britain

• United States

• France

• Germany

What is economics about?

• How people get the things they need and want

• Political systems

• Cultural traditions

• Environmental conservation

What are the three basic economic questions every group must answer?

• What to make, how to make it, who gets it

• Where to live, what to eat, how to dress

• Who to marry, how to educate, where to work

• When to sleep, what to read, how to travel

What is the free enterprise system about?

• Economic freedom and making choices

• Government control over production

• Traditional ways of doing things

• Environmental sustainability

What happens to prices when demand is high?

• Prices go up

• Prices go down

• Prices stay the same

• Prices fluctuate randomly

What did the Industrial Revolution bring?

• Mass production, new power sources, factories, technology

• Political stability, cultural unity, social equality

• Environmental conservation, renewable energy, sustainable practices

• Traditional craftsmanship, handmade goods, local markets