Chapter 7/9 Flashcards
Tenement
Multistory buildings divided into crowded apartments
Urbanization
The movement of people to cities
Labor union
Workers organization that eventually gained the right of voting for all working men
Utopia
Impractical dreamers who tried to build self-sufficient communities where all work was shared and all property was owned in common
Utilitarians
The idea that the goal of society should be “the greatest of happiness for the greatest number” or its citizens.
Means of production
The farms, factories, railways, and other large businesses that produced and distributed goods
Bessemer process
A process to purify iron ore and produce steel. Steel was lighter, harder, and more durable than iron
Interchangeable parts
Identical components that could be used in place of one another
Assembly line
Workers add parts to a product that moves along a belt from one work station to the next
Stock
Shares in their companies, to investors
Corporation
Businesses that are ones by many investors who buy shares of stock
Standard of living
Measures the quality and availability of necessities and comforts in society
Social gospel
A movement that urged Christian to social service
Capitalism
An economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations
Socialism
An economic system in which government controls key industries, but still allows small privately owned companies