Economics of the Industrial RevolutionA foldable project

IR Foldable

Take two sheets of paper1) Fold so that you end up with tabs like those on the right2) At the END of the period, staple the top so that you can

flip the tabs up and down as you study!

Label Cover:

Economics of the

Industrial RevolutionLabel tabs as:• Capitalism,

Socialism, & Communism

• Factors of Production

• Alternative Responses to Class Tensions

Add this quote to your cover

“Getting of money...is the main business of the life of men”--Manufacturer 

Make 3 Columns Label: Capitalism, Socialism & CommunismFill in the following information from the lecture

Fill in the following information under your Capitalism column.

Capitalism: An economic philosophy where production, distribution, and exchange of wealth is maintained by individuals, not the government

Competition leads to lower prices and better products.

Adam Smith believed that an “invisible hand” regulated the exchange of goods. You have two cows. You sell one and buy a bull.

Fill in the following information under your Socialism column

Socialism: An economic system where government controls large sectors of the economy and distributes the wealth among the peopleEarly socialists like, Robert Owen, dreamed of an Utopia where cooperation replaced competition

He created a community called New HarmonyYou have two cows. You keep one and give one to your neighbor.

Fill in the following information for your Communism column

Karl Marx: A workers’ revolution. Material wealth distributed equally among all workersBelief that class tensions will be so severe that one day the proletariat (workers) will overthrow the bourgeoisie (wealthy middle class)

Socialism will take over briefly until one day no government will be neededYou have two cows. The government takes them both and provides you with milk.

On the top of the flap answer the following question with complete sentences:Why would socialism and communist ideas emerge out of the Industrial Revolution? Think working class, pay, conditions, etc.

Factors of ProductionYou need to create a diagram that shows the economical cycle of CANDY.

Money

Entrepreneur uses $ to buy natural resources (Sugar)

Raw Sugar (natural

resource) is processed by workers into candy

Candy capital turns

into $

$ used to pay workers

Entrepreneur

Write the following terms on the top of your flap, then use your

book to define them:

1.Natural Resource:

2. Labor:

3.Capital:

4.Entrepreneurship:5.Working Conditions:

Alternative Responses to Class Tensions

Alternative Responses to Class Tensions

Trade Unions:

Form to protect workers’ rights from unfair labor practicesUsually demand safer working conditions and higher wagesStrike in order to get employers to meet their demands

Socialist Democracies:

Socialist parties arise with the hope that parliament will help them pass laws that will protect workers rights