Unit 3: The Industrial Revolution

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Communist Manifesto (1848)Karl Marx's book stating that capitalism should, but doesn't, mean the end of poverty and that socialism should be achieved by a revolutionJames Wattimproved the existing invention of the steam enginesteam enginegave the kind of power humans could produce, was used to power factories and railroads to produce and move goodsfactors of production3 things you need to make stuff (human, natural, and capital resources)Industrial Revolutionone of the most significant elements of Europe's modern transformation. 1. initial industrialization period was 1750-1900 2. drew on the Scientific Revolution 3. utterly transformed European society 4. pushed Europe into a position of global dominance 5. was more fundamental than any breakthrough since the Agricultural RevolutionLaw of supply and demandprice of goods is determined by how much there is and how much people want it, demand and price are directly proportional, supply and price are inversely proportional