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Who proposed the three economic laws and what were they?
Adam Smith proposed the three economic laws, which were the laws of self interest, competition, and supply & demand
What is capitalism?
An economic system where private individuals or businesses own capital goods and production is based on supply and demand.
What is socialism?
An economic and political system where the means of production are owned or regulated by the community as a whole.
What is utilitarianism?
A philosophical theory suggesting that the best action is the one that maximizes utility, generally defined as that which produces the greatest well-being of the greatest number of people.
What is communism?
A political and economic ideology advocating for a classless system in which the means of production are owned and controlled by the community, aiming for a society where goods are distributed based on need.
Who invented the spinning jenny and what was its impact on the textile industry?
James Hargreaves invented the spinning jenny, which allowed a single worker to spin multiple spools of thread simultaneously, significantly increasing yarn production.
What role did Samuel Slater play in the textile industry in the United States?
Samuel Slater brought British textile technology to America, establishing the first water-powered cotton mill in 1793.
Who invented the power loom and how did it change the textile industry?
Edmund Cartwright invented the power loom, which mechanized the weaving process and greatly increased cloth production.
What was Eli Whitney's contribution to the textile industry?
Eli Whitney invented the cotton gin, which revolutionized cotton processing and boosted cotton production in the southern United States.
Who were the Lowell Mill Girls and what was their significance?
The Lowell Mill Girls were young women employed in textile mills in Lowell, Massachusetts, significantly impacting the labor movement and women's rights advocacy.
What was the role of Richard Arkwright in the textile industry?
Richard Arkwright invented the water frame, which allowed for the mechanization of spinning and laid the groundwork for modern factory systems.
How did George Stephenson contribute to the textile industry?
George Stephenson developed the locomotive, which improved transportation of raw materials and finished goods, enhancing the textile supply chain.