INDUSTRIALIZATION Flashcards
Tenement
Overcrowded, slum housing
Rural
Areas where not many people live • In “the country” • These areas are always shrinking
Industrialization
Making stuff with machines in big factories • Mass production
Capitalism
CAPITAL=MONEY • Businesses competing to make money • Laissez Faire, Market Economy
Agrarian
Related to farming
Mechanization
• Producing stuff with machines • Automation
Industry
• The business of making things
Laissez-faire
An enlightenment philosophy • Means “Hands Off”–the government stays out of businesses way, and lets them direct their own course • Capitalism, Market Economy
Social Darwinism
Survival of the fittest • Only the strong survive—everyone is competing against everyone else
Corporation
business that is owned by many people not just one person
Monopoly/Trust
One company is the only place you can get a certain good or service – No competition
Sherman Antitrust Act
1 st federal law to attempt to limit monopolies
Efficiency
Eliminating waste: – Eliminating wasted time, money, energy, resources, etc.
Productivity
Measure of inputs vs outputs • If you produce more with the same amount of resources or less, your productivity goes UP
Specialization
Getting really good at producing or doing ONE thing
Interdependence
Two or more things that need each other to work. Example: – Steel Companies need railroads to ship their steel around the country – Railroads need steel to make their tracks, trains, bridges, etc. THEY NEED EACH OTHER • This is a result of specialization