Industrial Vocab Flashcards
5 factors of production
Stability, labor, raw materials, banking system, transportation system
Interchangeable parts
Parts that can be swapped for one another in the assembling of a product because they have been precisely cut and shaped to be identical.
Bessemer process
Way to convert iron into steel for railroads, machinery and skyscrapers.
Domestic system
Families worked together in the home to produce for a local merchant.
Factory System
Employers wanted the most of every worker.
Mass production
High volume low cost manufacture of identical items through the use of specialization of interchanged parts.
Enclosure movement
Landowners took back from peasants and fenced land.
Capitalism
Economic system based on the premise self interest in which all resources are privately owned and markets determine how those resources are distributed
