Industrial Revolution Flashcards
Adam Smith
a Scottish economist philosopher and author as well as a pioneer of political economy
Thomas Malthus
And English clerk and scholar influential in the fields of political economy and demography
agricultural revolution
due to unprecedented increase agricultural production due to increases in labor and land productivity
spinning jenny
A multi spindle spinning frame, one of the key development in the industrialization of a weaving
cottage industry
It business or manufacturing activity carried on in a persons home
entrepreneurs
People who organized and operate business taking on greater than normal financial risks in order to do so
capitalism
An economic system and an ideology based on private ownership of the means of production and their operation for profit
lassiez-faire
And economic system in which transactions between private parties are free from government intervention such as regulation privileges tariffs and subsidies
free market
And idealist system in which the prices for goods and services are determined by the open market and consumers
industrial revolution
The transition to new manufacturing processes
industrialization
The development of industries in a country or region on a wide scale
factory system
Use of machinery with the division of labor reduced the required skill level of workers and also increase the output per worker
flying shuttle
technology which allowed a weaver to pull a cord and a box flying back and forth and weave wider textiles at a faster rate
standard of living
the amount of wealth and material things available to a person or community
water frame
technology which harnessed water power to spin thread and produced stronger thread and increased yarn production
power loom
machine which did all the work of a weaver’s feet and hands and allowed weaving to catch up with the increasing yarn production