Industrial Revolution Review Flashcards
Laissez-faire
Belief that the government should not interfere with the operations of business
Unions
Association of workers that plan actions and coordinate demands for workers.
Corporation
Business organization in which people buy shares of stock or ownership in the business
Sole proprietorship
Business owned and controlled by one person
Partnership
Business controlled and owned by two or more people
Strike
Business method involving the refusal of workers to work until their demands
Division of labor
Characteristic of civilizations in which different people preform different jobs
Cartel
Combination of corporations that control an entire industry
Communism
Economic and political system where the government owns the means of producing and controls economic planning
Depression
Lowest point of a business cycle; associated with low output and high unemployment
Domestic system
Method of production in which work is done in homes
Capitalism
Economic system in which individuals control the means of production
Proletariat
Name given by Marx to the working class
Interchangeable parts
Parts that can go equally well into other components
Business cycle
Pattern consisting of alternating periods or prosperity and decline
Enclosure movement
Practice of fencing or enclosing common lands into individual holdings
Collective bargaining
Process of negotiation between union members and management
Factory system
Production of goods in a factory through the use of machines and a large number of workers
Suburbs
Residential areas on the outskirts of cities
Mass production
System of producing large numbers of identical items
Bourgeoise
The city-dwelling middle class; in Marxist philosophy owners of property
Crop rotation
The practice of alternating crops of different kinds to preserve soil fertility
Urbanization
The process of people moving from rural areas to cites
Mechanization
Use of automatic machinery to increase production
