Chapter 5 Industrial Revolution Flashcards
Industrialized
An economy based on Industry, not agriculture
Technology
New inventions; the science of industry
Exploit
To use
Labor supply
Supply of workers
Test act
An act forbidding anyone except members of the church of England from a holding political office or entering the professions
Capital
Money used invest in business
Raw materials
Essential materials needed in an industry to make a product
Commons
Learned how to be used by everyone
Fodder
Animal food
Synthetic
Made by humans
Entrepreneur
A person who runs a business, taking the risk in order to earn a profit
Franchise
The right to vote
Cast iron
Molten iron poured into a mold to make a product
Capitalist
A person with money to invest
Clothier
A capitalist who invests money in textile making
Social reforms
People who wish to damage the nature of society
Labor unions
Organizations devoted to improving conditions for their members
Society
In this context, the upper-class
Supply
The amount of goods available
Demand
The desire of people to buy a certain goods or product
Why did the Industrial Revolution start in England?
Lots of people were willing to work, and there was lots of raw materials
What was the importance of the colonies?
British colonies can import raw materials from the colonies and saw the finished product back to the colonies
What were the important part of the agricultural revolution?
New breeds, crops, and technology/enclosure was invented
What were the main parts of the economic revolution and how did they affect people’s lives?
Laissez-faire policy which meant business and industry were as free as free as possible from any government regulation