Industrial Revolution Flashcards
Working class/proletariat
Laborers
Agricultural Revolution
*Transition into more advanced/productive agricultural period
Commercial expansion
*To make profit on a scale larger than before through sales
Subsistence farming
Growing enough food to feed themselves and their families
Middle class/bourgeoisie
Social class of skilled workers, professionals, business people, wealthy farmers
Mass production
Productions of large amounts of standardized products; esp. on assembly lines
Cottage industry
Business or manufacturing activity carried on in a person’s home
Laissez-faire economics
Economy without government interference like letting industry/business owners set working conditions without interference
Division of labor
Assignment of different parts to improve efficiency
Enclosure movement
Resulted in new agricultural methods tried and small farmers either became tenant farmers or moved to the cities
Socialism
Operate for the welfare of all, factors of production are owned by public
Labor union
Group that speaks for all workers in a particular trade
Factory system
*Fixed capital, raw material, labor operations are under one authority and sophisticated machinery is used
Utilitarianism
Greatest good for the greatest number of people
Entrepreneur
Person who manages a business, also organizes and takes on risks
