Chapter 17.1 Flashcards
Enclosure Movement
wealthy farmers bought land from small farmers, then benefited from economies of scale in farming huge tracts of land.
Crop Rotation
the practice of growing a series of dissimilar or different types of crops in the same area in sequenced seasons.
Industrial Revolution
the name given the movement in which machines changed people’s way of life as well as their methods of manufacture.
Factors of Production
resources that are the building blocks of the economy; they are what people use to produce goods and services.
Mechanization
the process of changing from working largely or exclusively by hand or with animals to doing that work with machinery.
Factory System
a mode of capitalist production that emerged in the late eighteenth century as a result of England’s Industrial Revolution.
Cottage Industry
a business or manufacturing activity carried on in a person’s home.
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Tenements
a substandard multi-family dwelling in the urban core, usually old and occupied by the poor.
Mass Production
the production of large amounts of standardized products, including and especially on assembly lines.
Fordism
a term widely used to describe the system of mass production that was pioneered in the early 20th century by the Ford Motor Company or the typical postwar mode of economic growth and its associated political and social order in advanced capitalism.
Corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Monopoly
the exclusive possession or control of the supply or trade in a commodity or service.
Strikes
hit forcibly and deliberately with one’s hand or a weapon or other implement.
Unions
the action or fact of joining or being joined, especially in a political context.
Collective
a cooperative enterprise.
Bargaining
negotiate the terms and conditions of a transaction.
Eli Whitney
an American inventor best known for inventing the cotton gin.
James Watt
an American inventor best known for inventing the cotton gin.
Henry Bessemer
an English inventor, whose steel making process would become the most important technique for making steel in the nineteenth century.
Richard Arkwright
an inventor and a leading entrepreneur during the early Industrial Revolution.
Robert Fulton
an American engineer and inventor who is widely credited with developing a commercially successful steamboat called The North River Steamboat of Claremont.
Samuel Morse
an American painter and inventor.
Henry Ford
an American industrialist, the founder of the Ford Motor Company, and the sponsor of the development of the assembly line technique of mass production.
