Industrial Revolution Flashcards
what was the industrial revolution?
The industrial revolution was a period, in which the means of production of goods shifted from hand tools to complex machines and from human and animal power to steam power. It also introduced mass production and the use of new sources of power to meet human needs.
where did the revolution begin?
in great britain
factors explaining why the revolution first occurred in GB (great britain)
-geographical advantages
-large colonial empire
-transportation and communications
-agricultural rev.
effects of the industrial revolution
-shifted production from making goods by hand at home to mass production in factories
-applied new sources of power like steam to manufacture textiles, ships, and railways
-increased urbanization
-rise of capitalists and working class as important new groups in society
domestic system
products made at home, one at a time, individual craftsman of 10 different parts by 10 different people (old way)
factory system
industrialization, goods made by machine, outside home, all goods made in one place start to finish (new way)
what were machines first powered by?
steam then water
mass production
production of large quantities of identical goods
interchangeable parts
parts are all made alike so that they can be exchanged for one another
division of labor
workers specialized in only one task-speed up production-allowed for unskilled workers
assembly line
product moves along a conveyor belt bringing it to workers
what two important British inventions helped trigger the industrial revolution?
the spinning jenny and the steam engine
the spinning jenny (1764)
it spun several threads at once, allowing large quantities of thread to be made quickly and inexpensively
steam engine (1769)
it made steam power available for mechanical purposes
what did the steam engine lead to?
the construction of large factories, the invention of the steamboat, and the development of railroad trains
laissez faire economics
-the theory that business should operate with little or no government interference
-this theory emerged during the enlightenment
wealth of nations
a book written by Adam Smith that promoted laissez-faire ideas
what did smith believe?
that a free market - the unregulated exchange of goods and services- would eventually help everyone, not just the rich
mercantilism
exporting more goods than the nation imported
entrepreneurs
people who provided work places with raw materials, mechanical energy, and machinery
A new middle class of capitalist emerged. What kind of people was this class composed of?
merchants, factory owners, and bankers
founder of capitalism
1776 Adam Smith “Wealth of Nations”
basic principles of capitalism
*Laissez-Faire Capitalism
*Private Ownership (Entrepreneur) Individuals supply the capital to start and own a business
*Invisible Hand
*Profit Motive
*Free Competition
*owners and workers
capitalism
an economic system developed during the industrial revolution by Adam Smith in 1776
