econ 13 review

econ 13 review - 1. Characteristics of the industrial...

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1. Characteristics of the industrial revolution (Britain) a. development of new technologies (steam engines) b. emergence of factory system (division of labor) c. development of the wage of labor, salaries d. new types of property rights (residuals claimancy) e. expansion of domestic and international market e.i. now products are massed produced f. price of goods became cheaper 2. 2 nd characteristics of the second industrial revolution (us and germany) a. Growth of corporations (joint-stock companies) a.i. Shareholders provided capital and CEOs and managers ran the company. b. Larger firms, more complex c. Development of hierarchical bureaucratic organization d. Expansion of the government 3. GDP – Gross domestic product a. The market value of all final goods and services produced within a country in a given time b. Transfer payments (such as social security or unemployment insurance benefits) are excluded c. Interest Rate Payment are excluded 4. Labor Force Statistics a. BLS divides population into 3 groups. a.i.
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This note was uploaded on 11/11/2011 for the course ECON 100 taught by Professor Chandle during the Spring '11 term at UC Irvine.

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econ 13 review - 1. Characteristics of the industrial...

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