Ch19 - Terms Flashcards

1
Q

What is the Industrial Revolution?

A

a time of dramatic changes in agriculture, industry, and technology

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2
Q

What is the Industrial Revolution also called?

A

Age of Industry

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3
Q

What is subsistence farming?

A

growing just enough food to feed one’s family

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4
Q

What is the Protestant work ethic?

A

the way of life based on the Biblical teaching that God expects all meant to work and that all work is a noble duty to be performed toward God

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5
Q

Define “domestic system”.

A

work done in small private shops with the entire family participating and spending long hours of hard labor to earn a living

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6
Q

Define “factory system”.

A

work is done in factories by people employed to produce manufactured goods in a systematic way for wages

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7
Q

What are real wages?

A

wages as compared to the cost of living

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8
Q

What is the Enclosure Movement?

A

the enclosure of land with fences or hedges by landowners to increase the size and quality of livestock

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9
Q

What is a cotton gin?

A

a tool which removed the seeds from the cotton fibers in a much shorter time than it took a man to do the work by hand

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10
Q

What is the Bessemer process?

A

the process which converts raw iron into steel

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11
Q

What are clipper ships?

A

long, lean sailing vessels known for their tremendous speed on the high seas

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12
Q

What are steamships?

A

ships propelled by steam engines

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13
Q

What is the germ theory of disease?

A

A theory discovered by Louis Pasteur that every infectious disease is caused by a specific germ.

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14
Q

What is a Gross National Product?

A

the total output of goods and services

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15
Q

What is capitalism?

A

a economic system in which there is private ownership of the means of production; investments are determined by private decision rather than by the state; prices, production, and the distribution of goods are determined mainly by a free market rather than by the state

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16
Q

What is free enterprise?

A

the freedom which capitalism gives an individual to make something to do it

17
Q

What is free trade?

A

trade without government interference

18
Q

What is “The Wealth of Nations”?

A

a book written by Adam Smith which espoused the philosophy that individual freedom in economics leads to the greatest good not only for the individual, but for society is a whole.

19
Q

What is philanthropy?

A

voluntary distribution of one’s surplus riches to build and maintain public institutions such as hospitals, libraries and schools