Industrialization/Economics Topic

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.