The Industrial Revolution led to a rise in capitalism where means of production, such as factories, shops and farms, are privately owned and are used to make profit.

The Industrial Revolution & Economic Systems (Capitalism, Socialism, and Communism)

Each system represents different answers to the four basic economic questions. Distribution of goods and trade is limited in each system. Government is the best source to answer the basic economic questions.

Before the Industrial Revolution took place, manufacturing was often done in people’s homes, using hand tools or basic manual machines. Industrialization marked a shift to powered, specialised machinery, factories and mass production.

As an event, the Industrial Revolution had both positive and negative impacts for society. Although there are several positives to the Industrial Revolution there were also many negative elements, including: poor working conditions, poor living conditions, low wages, child labor, and pollution.

The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system. New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient.

The Industrial Revolution was a blessing for the middle class because production, healthcare, and transportation improved. Industrialization improved the lives for all groups of people in Europe because of the advancement of technology.

The best argument for the Industrial Revolution being a curse is that it created a situation in which workers had to endure very bad working conditions. It took away the dignity and independence of the workers. Before the Industrial Revolution, people worked at home, at their own pace.

Through industrialization, machines help people do their work more quickly. As productivity is optimized, more products are made, and therefore, the surplus results in cheaper prices. Some may argue that this advantage is the most significant one as it affects economic growth immensely.

Has rapid industrial development been a blessing or a curse for Americans? It is both a blessing and a curse. There were negatives such as over populated cities and the overpopulation cause diseased but the good was Industry also led to an expansion in markets and the national market and a rise of new industries.

New machinery had increased production, and people gained the ability to transport materials more easily. New inventions were created to improve life. These included the steam engines,trolley cars, the telephone, and the light bulb. Expansion of the railroads revolutionized society.

The Industrial Revolution brought rapid urbanization or the movement of people to cities. Changes in farming, soaring population growth, and an ever-increasing demand for workers led masses of people to migrate from farms to cities.

Terms in this set (8) Why were people affected by the Industrial Revolution? New machines and working methods were invented and this caused changes to everyday lives. New roads were built especially in industrial areas. People were able to travel faster.

Why was the Industrial Revolution such a big deal? It literally changed the entire world from the way people think, to where they work, and social structures. It inspired waves of nationalism that had serious effects on colonies and their chances for independence. You just studied 18 terms!

During the Industrial Revolution, jobs changed a fair bit. A lot more jobs were centered in the city, so most of the population changed trade. Of course there were still some farmers, but a lot less, as there were better jobs in the city. As a result, there were many coal mining jobs available.