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Industrialization/Economics
Social Studies, Grade 5
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Study Guide Industrialization/Economics Social Studies, Grade 5
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INDUSTRIALIZATION/ECONOMICS
What
is
an
Industrial
Revolution?
An
Industrial
Revolution
is
a
change
in
the
way
goods
are
manufactured.
Before
the
"First"
Industrial
Revolution,
products
were
made
by
hand,
one-at-a-time.
This
type
of
production
was
known
as
unit
production.
After
the
Industrial
Revolution
began,
products
were
made
in
large
numbers
with
interchangeable
parts.
This
type
of
production
was
known
as
mass
production.
The
Industrial
Revolution
is
the
change
from
making
products
by
hand
to
making
products
by
machine.
Important
inventions
during
the
Industrial
Revolution
were:
•
Eli
Whitney
invented
a
machine
to
remove
the
seeds
from
cotton
called
the
cotton
gin.
•
Robert
Fulton
invented
the
first
successful
steamboat.
•
Peter
Cooper
invented
the
steam-powered
locomotive.
•
Robert
and
Cyrus
McCormick
invented
the
reaper
for
harvesting
grain.
What
Does
the
Term
Economics
Mean?
The
way
in
which
a
nation
provides
for
the
needs
and
the
wants
of
its
people
is
known
as
economics.
Economics
is
based
on
the
law
of
supply
and
demand.
The
law
of
supply
and
demand
states
that
when
there
is
a
short
supply
and
a
large
demand
for
a
product,
the
cost
of
the
product
increases.
When
there
is
a
large
supply
(surplus)
and
a
small
demand
for
a
product,
the
cost
of
the
product
decreases.
© Copyright NewPath Learning. All Rights Reserved.
Permission
is
granted
for
the
purchaser
to
print
copies
for
non-commercial
educational
purposes
only.
Visit
us
at
www.NewPathLearning.com.
What
is
the
Difference
between
a
Need
and
a
Want?
•
Needs
are
those
items
that
human
beings
must
have
to
survive,
like
food,
clothing,
and
shelter.
•
Wants
are
those
items
that
are
nice
to
have,
but
not
necessary
for
survival,
like
dessert
after
dinner.
© Copyright NewPath Learning. All Rights Reserved.
Permission
is
granted
for
the
purchaser
to
print
copies
for
non-commercial
educational
purposes
only.
Visit
us
at
www.NewPathLearning.com.
What
is
the
Difference
between
an
Export
and
an
Import?
•
A
product
shipped
out
of
a
country
is
called
an
export.
•
A
product
brought
into
a
country
is
called
an
import.
© Copyright NewPath Learning. All Rights Reserved.
Permission
is
granted
for
the
purchaser
to
print
copies
for
non-commercial
educational
purposes
only.
Visit
us
at
www.NewPathLearning.com.
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