Industrialization Vocab Flashcards
tenement
overcrowded slum housing
rural
areas where not many people live
“the country”
always shrinking
industrialization
making stuff with machines in big factories
mass production
capitalism
capital is money
businesses competing to make money
laissez fair, market economy
Agrarian
related to farming
mechanization
producing stuff with machines
automation
industry
business of making things
laissez fair
“hands off” government stays out of the market.
enlightenment idea.
capitalism, market economy
social darwinism
survival of the fittest
everyone is competing with each other
Ex: small businesses can’t compete with big corporations and go out of business
corporation
business owned by multiple people rather than just one
monopoly/trust
one company is the only place you can get a certain good or service
sherman antitrust act
1st federal law to attempt to limit monopolies
efficiency
eliminating wasted time, energy, and money
productivity
inputs vs outputs
if you produce more with the same amount of resources or less your productivity goes up
specialization
getting good at producing or doing one thing
interdependence
two or more things that need each other to work
immigration
people moving into a country