Industrialization Flashcards
Tenement
-Overcrowded, slum housing
Rural
- Areas where not too 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 business 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
- Example: small business can’t compete with bigger ones, so they just go out of business
Corporation
- business that is owned by many people not just one person
- Example: Walmart, Sony, Ford etc.
Monopoly/Trust
- One company is the only place get a certain good or service
- No competition
- Example: Standard Oil, U.S. Steel
Sherman Antitrust Act
-1st federal law to attempt limit monoplies
Efficiency
- Eliminating waste:
- Eliminated wasted time, money, energy, resources, etc.
Productivity
Measure of inputs and outputs
If you produce more with the same amount of resources or less, your productivity goes up.
Specialization
Getting really good producing or doing one thing
Interdependence
To or more things that need each other to work
This is a result of specialization
Immigration
People moving into a country