The Industrial Revolution
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The Industrial Revolution
Industrialization changed the world, the greed of many made heads swirl. It all started with cotton production, machines were made with better functions. Next were the coal and iron industries, then emerged the railroad companies. The new factories definitely got bigger, while also stepping up the rigor. Tired workers won’t do the job, and neither will a child that sobs. With the increase of the owners wealth, came the decline of the workers health. The workers, however, still got their pay, but barely enough to feed them for the day. Industry allowed America to survive, and Northern families started to thrive. This led to the sudden rise of the population, it was a good foundation for further industrialization. Industrialization allowed the world to grow, this was the beginning of the world we know. |
Review: Needs vs. Wants
Economics
Goods - things that are made or grown (clothes, iPads, shoes, apples, potatoes)
Services - work that someone does for someone else (getting your toilet fixed by a plumber, getting your nails done, going to the dentist) Producer - the one who provides the good or service (a farmer, a doctor, the Apple company) Consumer - the one who buys the good or service (people like YOU and ME) Supply - The amount of goods or services that are available to consumers (Shop Rite has a large SUPPLY of Taki's) Demand - How much the consumers want the goods or service (All the 5th graders DEMAND more Taki's!) |
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