chapter eight Flashcards
Industrial Revolution
effort, beginning in Britain in he late 17p0s, to increase production by using machines powered by sources other than humans or animals
interchangeable parts
a system of manufacturing in which all parts are made to an exact standard for mass-assembly
cotton gin
machine that separates the seeds from raw cotton fiber
patent
a license that gives an inventor the exclusive right to make, use, or sell an invention for a set period of time
Market Revolution
shift from a home-based, often agricultural, economy to one based on money and the buying and selling of goods
Manufacturing
making goods by machinery
centralized
concentrated in one place
free enterprise system
economic system characterized by private or corporate ownership of capital goods
specialization
in production, a system in which each worker preforms a single part of an entire process
investment capital
money that a business spends in hope of future gain
tenement
a low cost apartment building that often has poor standards of sanitation, safety and comfort and is designed to house as many families as possible
strike
a work stoppage intended to force an employer to meet certain de,ands, as in the demand for higher wages
labor union
organization of workers formed to protect the interest of its members
bank note
piece of paper that a bank issues to its customers that can be exchanged for gold of silver coins
section
a geographic region