Industrialization Lesson 2 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
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
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
Sherman Antitrust Act
1st federal law to attempt to limit monopolies
Efficiency
Eliminating waste:
Eliminating wasted time, money, energy, resources, etc.
Example: taking the shortest route to get somewhere
Productivity
Measure of inputs vs outputs
If you produce more with the same amount of resources or less, your productivity goes UP
Example: today you 10 workers produce 10 cars; tomorrow, the same 10 workers produce 15 cars. Productivity went 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
Immigration
People Moving Into a country