Industrialization Flashcards
Tenement
Overcrowded
Slum housing
Rural
Areas when not many people live
In “the country”
These areas are always shrinking
Industrialization
Making stuff with machines in big factories
Mass production
Capitalism
Capital=$$$
Businesses competing to make $$$
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 can survive- everyone else must fend for themselves
Corporation
Business that is owned by many people, not just one person.
Monopoly/Trust
One company is the only place where you can get certain good or service.
No competition
Sherman Antitrust Act
1st Federal Law to attempt to limit monopolies.
Efficiency
Eliminating waste
Productivity
Measure of inputs vs outputs
Specialization
Getting really good at producing or doing one thing
Interdependence
Two or more that need each other to work
Immigration
People moving into a country