7th SS Chapter 7.1-7.3 Key Terms Flashcards
Was a long, slow process that completely changed the way goods were produced and were many people worked and lived.
Industrial revolution
A machine that could spin several threads at once.
Spinning jenny
Invested money
Capital
Person who invests in a business in order to make a profit.
Capitalist
The difference between the cost of a good and the selling price.
Profit
Brought workers and machines together.
Factory system
Readiness of people to purchase a good or service.
Demand
Amount of goods available to sell.
Supply
Limited supply of a good or service.
Scarcity
Would save time and money.
Interchangeable parts
Borrowed money
Credit
Usually worked for few years in the mill.
Lowell girls
Increased as industry grew.
urbanization
Developed for sending messages in 1844.
Telegraph
An engine used to pull rail cars.
Locomotive